Definition: Commercial General Insurance (CGI) refers to an insurance policy that provides coverage for property, liability, workers compensation and other types of risks faced by a business or organization. The term "general" in this context means that it covers all risks, no matter their nature or scope. The main benefits of employing CGI are: 1. Flexibility: The policies can be customized to suit the needs of the business. 2. Coverage: Coverage is extensive and covers all types of risks faced by a business. 3. Cost-effectiveness: Since it includes all types of risks, the policy may offer lower premiums compared to other insurance products. 4. Liability protection: It provides protection against liability claims from employees or customers due to accidents or negligence. 5. Workers' Compensation coverage: It can provide workers' compensation benefits in the event of injuries sustained on the job. Some common types of commercial general insurance policies include: 1. Property insurance: This type covers personal property, such as vehicles, buildings and other physical properties. 2. Liability insurance: Coverage for employees who are involved in accidents or negligence. 3. Workers' Compensation coverage: This policy provides protection against liability claims from employees due to accidents or acts of negligence. 4. Commercial general liability insurance: This coverage protects businesses from civil suits due to business-related injuries or incidents. Overall, CGI is a comprehensive and flexible insurance solution that offers a wide range of benefits tailored to the specific needs of businesses and organizations.
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