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What Is CGL Insurance
Commercial general liability insurance (CGL) is a type of insurance that provides protection for businesses against claims of third-party bodily injury, property damage, and personal and advertising injury. CGL insurance can help businesses pay for damages and legal costs if they are sued for these types of losses.
CGL Insurance Coverage
CGL insurance typically covers the following types of losses:
- Bodily injury: CGL insurance covers the costs associated with injuries sustained by third parties on the business's property or as a result of the business's operations. This can include medical expenses, lost wages, and other related costs.
- 3rd party property damage: CGL insurance covers the costs associated with damages to third-party property that are caused by the business's operations. This can include damage to buildings, vehicles, and other types of property.
- Personal and advertising injury: CGL insurance covers the costs associated with personal and advertising injuries sustained by third parties as a result of the business's actions. This can include defamation, invasion of privacy, and other types of injury.
- Other forms of injury and liability risk.
CGL Insurance Exclusions
CGL insurance typically does not cover the following types of losses:
- Professional errors or mistakes: CGL insurance does not cover losses resulting from professional errors or mistakes made by the business or its employees. For example, if an engineer designs a faulty bridge, CGL insurance would not cover the resulting damages.
- Damages resulting from the use of the business's products: CGL insurance does not cover damages resulting from the use of the business's products. For example, if a consumer is injured by a faulty product, CGL insurance would not cover the resulting damages. However, product liability insurance can be added to CGL Insurance either in the same base policy or by endorsement.
- Damages resulting from the business's intentional actions: CGL insurance does not cover damages resulting from the business's intentional actions. For example, if a business intentionally damages another party's property, CGL insurance would not cover the resulting damages.
- Other exclusions as per each policy terms and conditions.
Insurance CGL
CGL insurance is typically purchased by businesses as a standalone policy or as part of a business owners policy (BOP). The terms of CGL insurance policies can vary, so it's important to carefully review the policy and discuss any questions or concerns with the insurance provider to fully understand the coverage and exclusions.
It's also important to note that CGL insurance is not a substitute for other types of insurance that may be required by law or specific to a particular industry. For example, businesses in certain industries may be required to carry worker's compensation insurance or professional liability insurance. It's important to carefully evaluate a business's insurance needs to ensure that all necessary coverage is in place.
Source: ChatGPT Dec 15 Version. This content was reviewed by our team and may have been edited to produce a higher level of accuracy to readers.