Does Your Company Need CGL? A Quick Assessment
If you answer "yes" to any of the following, a CGL policy is a fundamental necessity for your business:
- Do clients, customers, or vendors visit your office, factory, or premises?
- Do your employees visit third-party locations, such as client sites, to conduct business?
- Do you manufacture, sell, handle, or distribute any products?
- Do you work under legal or written contracts that define liability between you and your client?
- Does your business engage in advertising or marketing to attract customers?
Why CGL Is the Cornerstone of Business Risk Management
Commercial General Liability (CGL) insurance is an essential safeguard for any modern business. While not legally mandatory in India, it is a financial and operational necessity for ensuring your business's long-term health and sustainability.
Cover Unexpected Accidents
A CGL policy responds to claims such as a visitor getting injured, a defect in your product causing property damage, or an advertisement leading to a lawsuit for copyright infringement.
Survive the High Cost of Lawsuits
A single lawsuit can be devastating. CGL covers crippling defense costs and pays for judgments and settlements, protecting your company's assets from being seized to cover a verdict.
Gain Broad Protection
CGL is a wide-ranging policy that shields you from common liability risks, including Bodily Injury, Property Damage, and Personal & Advertising Injury.
Who Should Buy CGL?
CGL is considered a "high utility policy" applicable to virtually all business sectors. Your business should have a CGL policy if it interacts with third parties, works at client locations, operates under contracts, or sells products. This includes businesses across all segments, such as Hotels, IT companies, BPOs, Banks, Shopping Malls, Educational Institutions, and Manufacturing Units.
When Does Liability Arise? Real-World Scenarios
Liability can manifest in numerous ways. Understanding these potential risks is the first step toward effective protection.
Premises Liability
A customer visiting your manufacturing plant slips on a wet floor, resulting in a fractured arm. They sue your company for medical expenses, lost wages, and personal suffering.
Product Liability
A batch of water tanks your company supplied turns out to be defective, leading to significant water damage at your customer's plant. Your business is now liable for the property damage and extra expenses incurred.
Completed Operations Liability
Months after completing an interior renovation project, a faulty electrical installation causes a fire, damaging your client's property. Your business can be held liable even though the work was long completed.
Personal & Advertising Injury
In a new marketing campaign, your company inadvertently uses an image strikingly similar to a competitor's copyrighted work, leading to a lawsuit. Separately, a competitor could claim statements made by your executive harmed their reputation, leading to a slander lawsuit.