General liability Insurance
General liability insurance, also known as Commercial General Liability (CGL) insurance, is a type of insurance policy that cover risks and damages against businesses. It protects businesses from financial losses and legal liabilities arising from third-party claims for bodily injury, property damage, personal injury, and advertising injury.
General liability insurance is crucial for businesses across various industries and sizes. Small Businesses, Contractors and Construction Companies, Retail and Service Businesses, Professional Service Providers, Manufacturers and Product Sellers, and event Organisers can consider General liability insurance.
There is always a risk in doing public dealing business. There is a chance of product damage by an employee or a customer. If this happens, you could be liable to pay the cost of the damage.
Lifecycle Fire and General can offer you a coverage plan against such expenses.
Businesses can assess their unique risks and consult Lifecycle Fire and General insurance professionals to determine the appropriate coverage and limits for their general liability insurance policy.
Here are some key features and coverages typically included in a general liability insurance policy.
- Bodily Injury Coverage: This coverage protects the insured business if a third party (such as a customer or visitor) suffers bodily harm or injury due to the business’s operations, products, or premises. It covers medical costs and potential legal expenses associated with the injury.
- Property Damage Coverage: Covers the costs associated with damage to third-party property caused by the insured business. It includes repair or replacement costs.
- Personal Injury Coverage: Provides coverage for non-physical injuries to third parties, such as claims of defamation, libel, slander, false arrest, or invasion of privacy. It protects businesses against claims of reputational harm or emotional distress caused by their actions or communications.
- Advertising Injury Coverage: Protects against claims of intellectual property infringement, such as copyright or trademark violations, in the insured business’s advertising or marketing materials.
- Faulty Product Liability: It protects against claims for bodily harm or property damage caused by a faulty product. It comprises responsibilities like manufacturing, distribution, or sale of goods.
- Legal Defence Costs: General liability insurance typically covers legal defence costs, including attorney fees, court expenses, and settlements or judgments resulting from covered claims.
- Tenants’ Legal Liability: Any damage to the leased property gets coverage under Tenant’s Legal Liability.
Some benefits of a General Liability insurance policy are
- It covers the cost of injury or medical expenses that occur at the business premises.
- Cover the cost of damaging third-party property or any product.
- Cover the Negligent behaviour of independent contractors and subcontractors hired by you.
- Cover the cost of physical injury that occurred due to the usage of faulty or incomplete products/operations.
General liability insurance does not offer coverage for
- Professional services that lead to Errors, omissions, or negligence in connection by the insurer.
- Injuries sustained by employees while doing work at your premises.
- To Vehicle owned by insure if it gets accident or damage.
- Damage to the property knowingly or deliberately by the insurer’s organisation or its employees.
- Expenses associated with product recalls or the financial losses incurred as a result.
- Damage to other’s property that is at your care.
- Any liability resulting from asbestos or asbestos contained in other materials, regardless of the form or quantity of asbestos.
- Injury or illness to employees caused as a result of their work.
General liability insurance provides financial protection to businesses by transferring potential risks to an insurance provider.
Companies can consult Lifecycle Fire and General insurance brokers to assess their risks and secure appropriate general liability insurance coverage. Our General liability insurance policies have coverage limits, deductibles, and exclusions. The specific terms, coverage limits, and exclusions of a policy can vary depending on the insurance provider and the needs of the business.
Lifecycle Fire and General can help businesses identify coverage gaps and explore additional insurance options to address specific risks.