What is Commercial General Liability Insurance?
Commercial General Liability (CGL) insurance is designed to protect businesses from financial losses due to claims of injury or property damage caused by their operations, products, or services. It’s one of the most common and essential forms of coverage for businesses of all sizes
Without CGL insurance, businesses can face significant financial risks, including legal fees, settlements, and court judgments, which could jeopardize their operations or even lead to bankruptcy.
What does Commercial General Liability (CGL) Insurance cover?
The coverage provided by a Commercial General Liability typically includes:
Bodily Injury
Covers claims arising from physical injuries to customers, clients, or third parties due to the business’s operations or at its premises.
Property Damage
Covers damage caused to someone else’s property by the business, employees, or products.
Personal and Advertising Injury
Includes protection against claims of libel, slander, copyright infringement, or advertising mistakes.
Medical Payments
Covers minor medical expenses for injuries that occur on the business’s premises, regardless of fault.
What isn’t covered?
While comprehensive, CGL policies don’t cover every risk. Typical exclusions include: Professional errors (covered under Professional Indemnity Insurance), Employee injuries (covered under Workers’ Compensation Insurance), Damage to the business’s own property and intentional acts or criminal activities
Types of Commercial General Liability Insurance
When purchasing commercial general liability insurance, it is important for the business to differentiate between a claims-made policy and an occurrence policy.
A claims-made policy provides coverage for whenever a claim is made, regardless of when the claim event happened. An occurrence policy covers claims where the claim event occurred during the time of the policy, even if the policy is now expired.
Why buy Commercial General Liability Insurance?
Commercial General Liability Insurance is must for virtually any business with physical operations or customer interactions and for tech related companies is often needed where they are working on site of their clients
Scenarios where CGL can assist are either when customer slips and falls on a wet floor in a store or office, a contractor accidentally damages a client’s property while working on-site or a business is sued for using a copyrighted image in marketing materials without permission.
Why it’s important for technology companies?
Depending on its business needs, a company may need to name other companies or persons as “additional insured” under its commercial liability insurance policy. This is common when businesses enter into a contract with another entity.
For example, if a software developer enters into a contract with XYZ Co. to provide technology services, XYZ Co. may require the developer to add XYZ Co. as an “additional insured” on its commercial general liability coverage policy.
Why work with Continuum?
Our in-depth knowledge of both the industry and the appetite of insurers allows to advise clients on the appropriate solutions to help them protect their business and offer value to their clients. We take a client-centric approach, appreciating that insurance may be a future requirement rather than an immediate need and advise on the timing of policy inception as well as helping with payment schedules and budgeting requirements. Our aim is to advise and assist digital asset firms from seed to flower and become a long-partner with them through their journey to success.
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Web 3.0 & Emerging Technology
Crypto, Digital Assets & NFTs
Financial Institutions
EduTech and E-Learning
Fintech, Insurtech and DeFi
Tech Start Ups and Developers
Digital Health and MedTech
