deepthi sHave you ever thought about what would happen if a customer fell in your office or a product you sold damaged someone’s property?
Would your company be able to rebound and survive the financial loss?
Most owners of companies do not consider obtaining liability insurance until it is too late. You are trying to run the business, manage employees, and meet your goals for business growth. But insurance looks like just another expense that you have to account for. But all it takes is one claim to destroy your years of hard-earned reputation.
In this blog, we are going to explore how to correctly identify CGL insurance that works for your business, and what to avoid doing when seeking a CGL policy, so that you are correctly protected when it matters the most.
Mitigata: India’s Leading CGL Insurance Partner
Over the years, 800+ businesses across India have chosen Mitigata to protect what they’ve worked so hard to build. Our partnerships with top insurers like HDFC ERGO, Bajaj Allianz, and ICICI Lombard mean you get complete protection backed by credibility you can trust.
Why businesses choose Mitigata:
- Industry-specific Policies: Coverage tailored to your company’s risks and operations.
- Quick, Hassle-Free Claims: When a claim happens, you get instant support since we don’t disappear.
- Transparent Terms: Understand exactly what is covered and avoid surprises.
- Expert Assistance: Specialists who understand your company’s risks.
- Trusted Insurer Partnerships: Collaborations with renowned insurers to provide comprehensive coverage.
Why Pay More When ₹3CR Cover Costs Just ₹15,000/Year*?
What is CGL Insurance?
Commercial General Liability insurance safeguards your business when someone, such as a customer or vendor, asserts damages or injuries related to your business operations.
In simpler terms, it covers three major facets:
Bodily injury – If a person is injured either in your workplace or due to your services.
Property damage – If your work or one of your employees damages someone else’s property.
Personal or advertising injury – If your ad or content inadvertently injures a person’s reputation or rights.
Before you buy Commercial General Liability Insurance, read this. Here are the 10 best insurers in India.
Key Factors to Consider When Choosing a CGL Insurance Policy
Choosing the right policy isn’t about picking the cheapest option. It’s about knowing what you need and making sure your coverage fits your business. Here’s what to look at before signing up.
Coverage Details
Start by checking what the policy actually covers. Some plans might not include certain risks like product liability or advertising injury. Go through the inclusions and exclusions carefully. If something isn’t clear, ask your insurer or consult a professional like Mitigata.
Policy Limits
Every policy has a limit on how much it will pay for a claim. A small shop might be fine with lower limits, but a company handling large contracts should go for higher coverage. The goal is to make sure the amount will be enough to protect you from a major claim.
Type of Business and Risk Level
Different industries face different risks. A contractor, for example, faces higher physical risks than a digital marketing agency. Make sure your policy is designed for your type of business.
Add-On Covers
Add-ons give you extra protection where you need it. For example, product liability cover for manufacturers or pollution liability cover for factories. It’s worth checking which add-ons make sense for you.
Claim Support and Reputation
A good policy is only as good as the support you get during a claim. Choose an insurer known for fair and quick claim settlements. Mitigata works with reliable insurers that have strong track records for customer support.
One Policy. Every Risk Covered
Common Mistakes to Avoid When Choosing CGL Insurance
A lot of business owners make simple mistakes that end up costing them later. Here are a few you should avoid.
Ignoring the Fine Print
Exclusions matter. A policy might not cover damage caused by subcontractors or accidents off-site. Always check what’s left out before you buy.
Going for the Lowest Price
It’s easy to pick the cheapest plan, but it often comes with limited coverage. It’s better to pay a little more for a policy that actually protects you when something goes wrong.
Not Reviewing the Policy Each Year
Businesses grow and change. What worked last year may not be enough today. Review your policy annually so your coverage keeps up with your operations.
Forgetting About Territory Limits
If you work with international clients or operate in multiple regions, check if your policy covers incidents outside India. Many businesses only realise this gap after a claim is denied.
Every day, the demand for Professional Indemnity Insurance is increasing. Understand its coverage limits and know how policy premiums are calculated.
Conclusion
The right Commercial General Liability insurance policy can protect your company from significant financial losses and continuous stress.
Before making a decision, take the time to learn what your company actually requires, compare your options, and ask questions.
Contact Mitigata today and simplify your insurance journey!
akshit k
areena g