What is the Full Form of CGL in Insurance?
The Full Form of CGL in insurance is Commercial General Liability. This policy covers third-party liabilities that arise from various business operations, be it the products, premises, or completed operations. The policy also covers personal injury that might occur in the course of the business operation. It is considered to be comprehensive business insurance, though it is not going to cover all liability risks of the business.
Types of Commercial General Liability Insurance:
FGL insurance offers coverage for the damages incurred during the business process. There are two types of CGL policies, namely the claims made policy that covers the claims irrespective of when the event has taken place and the occurrence policy that ensures that the event must take place during the defined period.
Different Levels of Coverage in CGL:
The CGL has different levels of coverage. The policy might include the premises coverage that protects the business from the claims on physical location during general business operations and it can also cover for damages on property and bodily injury. There is also an excess liability coverage that can be purchased to cover the claims that exceed the limits of the CGL policy.