What Is Commercial General Liability (CGL) Event Insurance
- Commercial general liability (CGL) is a type of Insurance Policy that provides annual coverage to a business for bodily injury, personal injury, and property damage caused by the business’s operations, products, or injuries that occur on the business’s premises. Commercial General Liability is considered comprehensive business insurance and comes with additional coverages as well.
- Your general liability policy will cover any incident that relates to people and property that do not belong to your company. For example, if you are operating a stadium and someone breaks their leg after a tumble in the bleachers, general liability can help cover the cost of their ambulance ride and ensuing medical care.
- CGL Insurance is vital for your business. This policy protects against various claims that could result in severe financial losses.
Advantages of an Annual Commercial General Liability (CGL) for Events
- This type of cover is beneficial to active event organisers who constantly and frequently organise or undertake events on regular basis. It is good for businesses which provide services for Events, Weddings, Exhibitions, Parties, Conferences and other social gatherings. This cover can be arranged for a full calendar year, and all events organised within the policy period are covered automatically. The insured can renew the policy when it expires.
- Both the once-off event and the annual covers have two divisions: ‘limit of liability per event’, and ‘in aggregate’ for the whole year. Cover can also be on ‘occurrence basis’ for event organisers who pride themselves in throwing a memorable event for clients, this insurance can help you ensure that your events go off without a hitch.
Why is it necessary for Event Companies, Wedding Planners, Exhibition Companies, to take an annual Commercial General Liability (CGL) Insurance Policy?
- In planning an event, the only ones who can truly understand the hard work that has gone on behind the scenes are probably the event planners. However, despite your perfectionism, when it comes to event planning, there are some mishaps that you cannot plan for. It is therefore important when holding an event that you have appropriate insurance in place if disaster does strike.
- Events mean high volumes of people and property – but an equally high volume of fun and excitement. In order to offer the most carefree and playful experience as possible, make sure that your venue is ready for action when trouble strikes for which Commercial General Liability is the saviour.
- Event Venues have hundreds to thousands of people attending events and passing through their doors every year, depending on their size and the types and scale of events that take place.
- Every time there is an event at the venue tons of Electronic equipment, Venue and Stage gear comes in and out of each venue – not to mention thousands of spectators and countless performers – the level of exposure that these types of businesses must mitigate is through the roof.
Simple mistakes could result in severe financial losses that put your business at risk. The good news is that the CGL insurance Policy protects against a wide range of incidents.
- If your event venue is selling goods to have extra income, you might want to consider getting vendor insurance as it will cover costs not covered by event venue insurance.
- Most event venue will also have bars to serve guests with alcoholic drinks and beverages. By doing this, extra income will be generated. If your event venue have a bar, to hold liquor liability insurance (or a general liability insurance policy that includes liquor liability) and make sure you work with Insured Bartenders
Some policies limit you in certain ways: for example, it may dictate the number of attendees you must not exceed for the policy to be valid. No matter what types of events regularly unfold at your venue, We can help you understand your options and build out a policy that protects you from all angles.
What Does Commercial General Liability Insurance Policy Cover?
As an event manager, you are responsible for the safety of your attendees, guests, invitees as well as rented venue. Here are the most common elements taken into account by venue insurance.
- Audiences / Invitees / Guest: CGL Insurance protects your company if an audience member or third party gets physically injured on your premises. The same coverage applies to any property belonging people who are not affiliated with your venue or staff.
- Property: Before “action” comes lights and camera. Make sure your assets are backed financially thanks to a policy that insures them in the event of breakage, loss, or theft.
List of some of the Additional Coverages you will get along with your Annual Commercial General Liability Insurance
- THIRD PARTY Bodily damage and Property damage
- Personal and ADVERTISING INJURY
- Fire Damage very limited
- MEDICAL EXPENSES FOR FIRST AID ONLY – limited per person
- Policy cover Incidental Medical Malpractice (for First Aid only) – as per the endorsement wording. Territory and Jurisdiction – India
- Designated Premises Endorsement as per policy
- Coverage for ACT OF GOD PERIL as per policy
- Coverage for FOOD AND BEVERAGE as per policy
- Coverage for LIQUOR LIABILITY as per policy
- Coverage for Lift Liability as per policy
- Coverage for CROSS LIABILITY as per policy
- The policy covers third party bodily injury & property damage due to travel of executives of the Indian Insured anywhere in the world for non-manual business visits
- VALET PARKING LIABILITY as per endorsement, subject to;
a) Valet parking shall be performed by the licenced and trained drivers only. B) Territory and Jurisdiction – India
- Non-Owned and Hired Automobile Liability Coverage as per endorsement wording
- Policy cover legal liability due to Carriage of Treated Effluents by pipeline (outside the designated 10 premises – UPTO 5 KM) – as per the endorsement. Territory and Jurisdiction – India
- Transportation Legal Liability cover as per endorsement, subject to coverage territory and jurisdiction as India
- TERRORISM LEGAL LIABILITY as per endorsement, subject to; i) Coverage Territory & Jurisdiction: India
- ADDITIONAL INSURED Endorsement – where required by written contract
- 72 Hours Sudden and Accidental Pollution Coverage as per Endorsement under General Aggregate Limit subject coverage territory and jurisdiction India
- CONTRACTOR / SUBCONTRACTORS
- Control Group Endorsement
- Waiver of Subrogation – where required by written contract
For all kinds of Insurance Covers kindly call us back on our below Contact details.
Khushroo Kekobad – Insurance Broker & Advisor
9967066845 . firstname.lastname@example.org