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Simple English definitions for legal terms
comprehensive general-liability policy
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A quick definition of comprehensive general-liability policy:
A comprehensive general-liability policy is a type of insurance that protects businesses from various risks, such as bodily injury and property damage to a third party. It covers losses resulting from accidents and other unexpected events. This policy is important for businesses to have because it can help them avoid financial losses and legal issues.A more thorough explanation:
A comprehensive general-liability policy is a type of insurance policy that provides broad coverage for a variety of risks, especially bodily injury and property damage for which a business entity is liable. This policy was first introduced in 1940 and has largely been replaced by the commercial general-liability policy.
Examples:
- Commercial General-Liability Policy: This policy covers most commercial risks, liabilities, and causes of loss, including situations where a business is liable to a third party for personal injury or property damage.
- Completed-Operations Policy: This policy is usually purchased by a building contractor to cover accidents arising out of a job or operation that the contractor has completed.
- Occurrence Policy: This policy indemnifies for any loss from an event that occurs within the policy period, regardless of when the claim is made.
These examples illustrate how a comprehensive general-liability policy can provide coverage for various risks and liabilities that a business may face.