When most business people discuss commercial liability insurance, they refer to a general liability policy, sometimes abbreviated as CGL, for commercial general liability. Typically, these policies provide a package of protection for companies in the event they get accused of causing damages or injuries. In today's litigious society, CGL is an important part of protecting cash flow and risk management.
While businesses might work with insurers to customize a policy, these are some general types of protection that are provided by typical CGL policies:
Also, excess liability insurance, sometimes called umbrella or extra insurance, begins to provide coverage after the basic policy has been exhausted. Finally, a distinction needs to be made between premises and operations liability that covers injuries or damages at the workplace and product liability that covers claims caused by work or products.
Typical commercial liability insurance policies are fairly broad. However, they may not cover everything. For example, a basic policy may not address professional liability, sometimes called E&O or malpractice, cyber liability, a growing concern with businesses, or environmental liability, or claims that a company damaged the environment. A basic policy might get extended to cover these or separate coverage might get purchased.
One benefit of risk management software is that it helps manage insurance policies. Policy details are available in the system, and these software platforms also help risk managers and other employees communicate with their insurance companies and insurance brokers. Just assuming that a specific risk is already covered is very risky business.
At Ventiv Technology, we have lead the way in risk management technology for over four decades. Our integrated risk management solutions provide measurable value because they help streamline all aspects of accounting for and managing risk. Learn more about Ventiv Technology to see how we can make your business more efficient and secure.