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General liability insurance is a type of insurance that is used by business owners when some type of loss occurs. Every businesses has to purchase general liability insurance, which covers bodily injury, property damage or loss, damage to reputation, and even advertising injury due to negligence that results from the promotion of goods or services.
Comprehensive general liability insurance, covers the liabilities that arise through business due to indirect or direct damages caused to people by the business. This kind of insurance property, does not cover damage caused to any assets of their own business, but covers pays for the liabilities that are caused by the business to the third party. Any kind of business operations that involves contact with large number of people on business premises, like a superstore, market trader, restaurants, hotels, etc. needs comprehensive general liability insurance.
Its coverage is applied in the following situations
Bodily injury and property damage liability due to the damage caused to the third party.
Personal and advertising injury liability
Medical Payments
Products-completed operations hazard
The policy can be obtained on two basis
(a)Claims Made Basis
(b)Occurrence Basis
The cost of a general liability policy depends on the range of coverage offered.
There are a lot of factors which affect the comprehensive general liability insurance quotes. A premium that costs less, may not be enough to cover most liabilities arising from business. While choosing the coverage details, one must think about the range of risks that the business faces.