By 
Commercial general liability insurance provides protection to a business and its allied operational facets. The most commonly occurring risks a business is likely to face are natural calamities, breach of security, damage to property, etc. Risks that threaten to disrupt a business can be covered under general liability insurance.
What is General Liability Insurance?
An insurance that gives a comprehensive cover to business organizations against bodily injury (BI), property damages (PD) and personal injury (PI) is called Commercial general liability insurance.
Benefits of Commercial general liability insurance cover for Small and Medium Enterprises (SME)
Small and Medium Enterprises (SME) often run on tight budgets and when any peril causes physical damage to property or loss of assets, it casts an effect over the businesses operation, if they are not insured. Opting for Commercial general liability insurance can help them stay protected from a likely risk:
- Loss or damages occurring to property of a business due to fire, explosions or implosions, riots, intended malicious damages, etc. are covered under this policy.
- Damages and losses due to natural calamities like flood, storm, cyclone, hurricane, etc. can be covered under this insurance.
- Damages to material or property caused by/ during transportation can be covered under the policy.
- Damages arising out of earthquakes, strikes, communal violence or terrorism acts can be covered under this policy as an extension to the cover.
Apart from the above, SMEs can opt for additional or extended covers for any specific loss or damage they are more likely to face. Commercial general liability insurance cover is available in all shapes and sizes depending upon the premium paid.
Here is a general list of some optional covers under the same policy for additional premium:
Baggage Loss Cover: Valuable baggage of an employee traveling by ship or cargo can be covered by this policy.
Personal Accident Cover: Businesses that requires their employees to travel offshores can avail this cover as an additional part to the basic Commercial general liability insurance policy.
Equipment Damage Cover: Unforeseen damages to machinery and breakdown of equipment can be covered under the policy if the business body decides to opt for this additional alternative in the cover.
Additional optional coverages are also a part of the Commercial general liability insurance policy, but it depends on the insurer for adopting it as a part of the basic insurance policy.
Since no two companies provide the same insurance cover or premium rates, it is of absolute importance to read and understand what each company has to offer. Reading the terms and conditions will shed some light on the aspects of coverage, premium paid and duration of the policy. Consulting online aggregators like paybima.com can help SMEs in comparing different policies and help them in deciding the best insurance cover they could avail.
