Definition: Insurance General Liability (IGL) refers to a type of commercial insurance policy that covers losses or damages resulting from the occurrence of specified events, such as fire, theft, or other natural disasters. It is typically offered by insurers to protect businesses, governments, and individuals against financial loss due to these types of events. The definition of insurance general liability can vary depending on the specific type of coverage provided, but it generally includes a broad range of risks, including: 1.

Risk exposure

: The insured may be exposed to multiple categories or types of risk at once. 2.

Loss potential

: Insurance companies will often set a maximum amount they will cover for losses and damages in an insurance policy. 3.

Coverage limits

: Each insurer has different limits on the liability coverage they offer, which can range from very low (at most $0) to a high level of coverage. 4.

Maximum coverage

: The maximum amount that each insurer is willing to pay out under their policies. 5.

Claims process

: How claims are handled and how insurance companies will handle payment for losses. The insurance general liability policy typically provides the following types of coverage: 1.

Damage control

: Provides protection against damage to the property, equipment, or other assets of the business. 2.

Loss prevention

: Protects against potential financial loss due to unauthorized use, misuse, or damage of goods and services. 3.

Third-party liability

: Covers losses suffered by third parties who are not directly involved in the insured's business, such as employees or vendors. The insurance general liability policy is a crucial component of any business insurance plan, as it helps protect against financial loss due to specific types of events.

insurance general liability