General Liability Insurance

General Liability Insurance Overview:

General liability insurance has been especially formulated to cover your business against from any third party, anybody’s claims against physical injury and medical expenses incurred for the same, any loss/damage caused by you to his/her property. So, general liability insurance is ideal for protecting you against a wide array of claims like bodily injury, property damage, personal injury, etc. Please note that the these damages need to be caused by your business.

If you are a small-time business entrepreneur, this type of insurance is of utmost importance to you. It can protect you from various unforeseen dangers. In case you are responsible for one minor accident which has caused damage to a third party, you can get embroiled in a complicated lawsuit. This can lead to a huge financial loss and mental harassment. A comprehensive general insurance policy will ensure complete protection and stress-free business operations. There are certain clients who expect entrepreneurs/businessmen to hold a standard general liability insurance policy as a mandate to work for them.

Benefits of General Liability Insurance:

  • Provides protection against injury to third party caused by you. For example, if a third party falls and injures himself/ herself in your business premises or undergoes an injury caused by your business equipment, the insurance company will cover you from the subsequent claim and the medical expenses in turn.
  • Offers protection against loss of property caused to a third party due to negligence or mishandling. For example, if you spill water on a client’s system and cause loss of data or any consequent damage, you will be covered by the insurance company against any claims arising due to the same.
  • General liability insurance offered by certain insurers provides protection against slander. The policy covers you from any subsequent claims within the limits of your policy (as stated in your policy wordings).
  • Provides flexible payment options. You get an option of making monthly payments, devoid of any additional charges.
  • The insurance has been especially designed with plans to suit the varied needs of every customer. This provides coverage of risks in each business type.
  • The policy comes with claims responsiveness. This ensures that the moment a claim is filed, your insurance provider will defend you.

General Liability Insurance covers:

  • Property damage of third party and loss of data - Offers protection against loss of property caused to a third party due to negligence or mishandling. For example, if you spill water on a client’s system and cause loss of data or any consequent damage, you will be covered by the insurance company against any claims arising due to the same.
  • Physical/Bodily injury - Provides protection against injury to third party caused by you. For example, if a third party falls and injures himself/ herself in your business premises or undergoes an injury caused by your business equipment, the insurance company will cover you from the subsequent claim and the medical expenses in turn.
  • Slander/Personal injury - General liability insurance offered by certain insurers provides protection against slander. The policy covers you from any subsequent claims within the limits of your policy (as stated in your policy wordings).

General Liability Insurance Policy Exclusions:

General liability insurance doesn’t provide protection against everything. The policy exclusions have been stated below -

Claims of negligence. This holds true even if the fault isn’t directly yours or your business’.

Professional liability insurance is not included under this policy. This means the policyholder will not be covered against another person's claims of businesses that offer professional and personal services.

Business Owners Policy (BOP) is an additional insurance covers which is a combination of general liability insurance and property insurance.

Why do you need General Liability Insurance?

One should make sure to hold a general liability insurance policy/commercial general liability insurance, under the following scenarios -

  • If he/she interacts with his/her clients face to face on a frequent basis, of course regarding work.
  • If you, as a business owner, get access to any client’s equipment/asset. For IT professionals it is advisable to be covered against l claims regarding IT business liability insurance
  • If you are a representative of your client’s business in any form.
  • If your business requires you to make use of any third party sites for your business activities. Architects and civil engineers are advised to be covered under architects’ business liability insurance.

Companies offering General Liability Insurance:

Tata AIG General Insurance

ICICI Lombard Insurance

Bajaj Allianz Insurance

General Liability Insurance Claims settlement process:

It is a quick and hassle free process to settle your general liability insurance claim. Just ensure that you furnish all the essential documents (valid and duly filled/stamped) with your claims form. For further details on this, seek assistance from your insurance provider.

The aforementioned reasons clearly show how buying general liability insurance is a smart and wise choice. But before you settle down with buying a certain policy, make sure that you do a thorough groundwork and identify your requirements, i.e. exactly what purpose do you need general liability insurance cover for. 

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