Optimize Commercial Liability Coverage in UAE
Commercial General Liability Insurance, also known as Comprehensive General Liability Insurance, offers protection against the legal liability of businesses for any damage caused to a third party by their products and operations. This insurance provides coverage to a business in cases of third-party bodily injuries, property damages, and personal injuries. The company can claim the insurance to compensate the claimant for the losses resulting from its products, ongoing or completed operations, or any accident on its business premises.
Commercial General Liability policies are a part of the legal norms in the UAE. These plans provide comprehensive liability coverage to the insured and encompasses different liability coverages in the same plan. It includes third party’s property coverage, medical expenses coverage, personal and advertising injury coverage. Additionally, the policy provides coverage for Bodily Injury/Personal Disability (BI/PD) claims arising from completed operations and products that are either manufactured, distributed, or sold by the insured.
Coverage for expenses related to product recall, product guarantee and respective third party financial loss is also provided under a CGL policy. Essentially, a CGL policy can be considered a mix of public and product liability insurance. However, a CGL policy comes with a host of valuable coverages that are not available elsewhere.
As per the UAE laws for companies operating in Free zones, public liability insurance and employer's liability insurance is mandatory - for some companies, a comprehensive CGL policy is mandatory.
Companies that have third party presence and pose a risk of third party property damage or bodily injury (BI/PD) in their premises (commercial tenants, hotels, and so on), are into a manufacturing business, operate from an office, or carry out installation or civil projects, require a CGL policy.
The following are some major categories of businesses that can benefit from a CGL policy -
Besides its mandatory status for companies operating in the Free zones and some mainland areas, CGL insurance offers the following benefits -
Commercial General Liability Policy offers general coverage to business organisations and industries for -
The following are the major exclusions of Commercial General Liability Insurance -
Here are the major factors that affect the price of a Commercial General Liability Insurance plan -
General liabilities, whether arising from the services or products, can cause significant distress to an organisation in the form of liability settlement, disruption of business activity, and more. A Commercial General Liability policy can be considerably helpful here, as it can cover the major expenses and minimise the financial costs for your company in such cases..
Policybazaar UAE understands the importance of a customised insurance plan for financial security and managing expenses amidst uncertainties. With our world-class and cost-efficient risk management strategies and solutions through insurance, you can enjoy peace of mind and focus on achieving your goals without being obstructed by any adversity.