Commercial Liability Insurance
It's an All Risk insurance policy which protects Owner, Lesser or Hirer (were responsible either legally or through a leasing agreement) of electronic equipment. It covers accidental, unforeseen and sudden physical loss or damage to electronic equipment (Including system software) against sudden & unforeseen physical damage by any cause or peril those are not excluded under the Policy.
It's an All Risk insurance policy which protects Owner, Lesser or Hirer (were responsible either legally or through a leasing agreement) of electronic equipment. It covers accidental, unforeseen and sudden physical loss or damage to electronic equipment (Including system software) against sudden & unforeseen physical damage by any cause or peril those are not excluded under the Policy.
Coverage
This insurance covers sudden, unforeseen and accidental loss or damage other equipment caused by :
>> Fire & Allied Perils as Lightning, Explosion/Implosion, Aircraft Damage, Riot, Strike, Malicious and Terrorism Damages, Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation, Impact Damage, Subsidence Landslide, Rockslide, Bursting and/or overflowing of Water Tanks, Apparatus and Pipes, Missile Testing operations, Leakage from Automatic Sprinkler Installations, Bush Fire.
>> Electrical & Mechanical Breakdowns,
>> Burglary & Theft. Negligence,
>> Lack of Skill, Carelessness
MAJOR EXTENSIONS AVAILABLE
You may extend your policy by paying additional premium. Major optional extensions available are:
-: Escalation cost;
-: Express freight;
-: Air freight; additional custom duty;
-: Third party liability;
-: Owners surrounding property;
-: External data media; and
-: Increased cost of working.
MAJOR EXCLUSIONS
-: Willful acts or gross negligence on the part of you or your representatives;
-: War or warlike operations, nuclear reaction, radiation or radioactive contamination;
-: Wear and tear, faults or defects existing at the time of commencement of insurance which ought to have been or were known to you;
-: Faults or defect for which the supplier/manufacturer/maintenance contractor is responsible either by Law or under contract;
-: Loss, destruction or damage directly occasioned by pressure, wave caused by aircraft and other aerial devices traveling at sonic or supersonic speeds;
-: Loss of or damage to the property covered under this Policy falling under the terms of the Maintenance Agreement; and
-: Policy Excess - This is the first amount of any claim that insured have to bear.
You are not required by law to purchase general liability insurance. However, many of the people you do business with will likely have general liability insurance requirements written into contracts. That means you may need a policy if you want to sign a commercial lease or a client contract. Proof of general liability coverage is also required to apply for certain professional licenses.
General liability insurance covers common risks that arise from interactions with individuals outside of your company. That includes protection against customer property damage and injuries, such as a customer slipping on a wet floor at your business. It also covers slander, copyright infringement, and other advertising injuries. Read more about what general liability insurance covers.
The amount of general liability insurance you need depends on factors such as the type and size of your business, number of employees, and the type of customers you typically work with. However, many small businesses opt for the standard $1 million / $2 million general liability policy. This means the policy will pay up to $1 million to cover any one claim, with a $2 million limit for the lifetime of the policy, which is typically one year.
General liability insurance for contractors provides protection when a customer or client holds you liable for an injury or property damage. Your clients may require you to obtain this coverage before entering into a contract. Certain industries, such as construction, require independent contractors to carry general liability insurance. Even when it’s not required, an independent contractor might purchase this coverage to safeguard against common lawsuits.
Your general liability policy includes what's known as advertising injury coverage. It provides protection for lawsuits related to libel, slander, and invasion of privacy, as well as copyright or brand infringement. That means if you are sued for writing something negative about a competitor on social media, you're covered. Because of their increased risk, businesses in media and advertising must purchase professional liability insurance to gain this protection.
To make a general liability claim, simply call your insurance provider. Your agent will ask you to provide a description of the incident and basic information such as your name, the business name, and your policy number. Your insurance agent can guide you through the process and provide answers to any additional questions.
Some of the industries in small business insurance who normally go for such Policy
Building design professionals
Cleaning services businesses
Construction and contracting businesses
Consultants
Finance and accounting professionals
Food and beverage businesses
Healthcare professionals
Information technology businesses
Insurance professionals
Landscaping professionals
Media and advertising companies
Nonprofit organizations
Photographers and videographers
Real estate professionals
Retail businesses
It’s easy to add insurance at a later date. Your insurance agent can adjust the coverage amount on your policy, and provide assistance if you need to purchase additional policies.
If you cancel your policy early, you run the risk of paying more for coverage down the road. Insurance companies typically charge higher rates to businesses that start and stop coverage. You also leave your business exposed to potential risks if you cancel your coverage.
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Commercial General Liability FAQ:
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Claim Process:
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In the event of the Policyholder/Insured coming to know of the occurrence of any incident that may give rise to a claim under the Policy, the Policyholder/Insured should notify the Insurers of the same.
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Any Notice/Summons received from any Court/Tribunal should immediately be forwarded to the Insurers along with:
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A copy of the Plaint/Complaint; and,
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A Brief on the incident and the background of the Suit/Complaint.
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In the event of the Policyholder/Insured being the Sole Respondent in the filed Suit or Complaint, steps should be taken to implead the Insurers as Respondents 2 in the proceedings.
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Till such time as the Insurers are not made Co-Respondents, they will not take over the Defence proceedings. The Principal Respondent himself has to take care of the Defence. Such Defence costs are reimbursable.
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The Insurers may also appoint a specialist Surveyor/Investigator/Lawyer to ascertain the full facts of the case. The Insured is obliged to cooperate with such agency in all respects and fully.
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