It is difficult to imagine a business which does not require liability insurance in some form or the other. Large businesses of course have a need for this policy; but it is the medium or the small scale business which is more at risk. A large business may have a range of liability covers and may be adequately prepared to face any unforeseen events. However small business may not even have the basic policies. Besides they may not be so will capitalized either.
Some of the factors that contribute to the primacy of CGL policy over other liability covers are:
- Time tested wording which has stood scrutiny in the most litigious jurisdictions of the world
- World wide jurisdiction
- Very wide gamut of cover going beyond stand alone policies
- Broad named Insured & Additional insured coverage- Companies can add other companies or inpiduals they contract with to their commercial liability insurance policy as an “additional insured. if an automobile repair garage enters into a contract with ABC Co. to provide cleaning services for their facility, ABC Co. may require the garage owners to add ABC Co. as "additional insured" on their commercial general liability coverage.
- Definition of injury includes mental trauma & anguish.
Comprehensive cover with wide variety of optional add on:
- Accidental pollution liability- for unforeseen environmental exposure
- Fire Damages
- Tenants legal liability
- Contractual liability
- Hired & Non-owned auto liability
- Food & Beverages liability of workplace facility
- Lift Liability
- Cover for valet parking & parking lot liability
- Demonstration & Exhibition liability
- Coverage for incidental medical malpractice
- Batch clause
- Product Guarantee
- Financial Loss
- Care, Custody & Control liability for property in custody
- Liquor liability protects against loss or damages claimed as a result of a patron of your business becoming intoxicated and injuring himself or others
- Terrorism legal Liability
- Waiver of subrogation
- Excess liability to cover claims that exceed the limit of the CGL policy
- Recall of a product caused by -
- Accidental omission, introduction or substitution of a component or a substance during manufacturing.
- Error by the insured in the manufacturing blending, mixing, packaging, labeling or storage
