Final answer:
The commonly used standard Commercial General Liability (CGL) policy protects businesses against liability claims for bodily injury, property damage, and personal injury arising from various business activities. It is a comprehensive insurance package that can be tailored with endorsements to meet specific business needs.
Step-by-step explanation:
The Commercial General Liability (CGL) policy that is commonly utilized is the standard insurance policy issued to business organizations to protect them against liability claims for bodily injury and property damage arising out of the premises, operations, products, and completed operations; and advertising and personal injury liability.
The commonly utilized CGL (Commercial General Liability) policy in the insurance industry provides coverage for businesses against claims of third-party bodily injury, property damage, and personal and advertising injury.
It is a comprehensive policy that protects businesses from a wide range of liabilities and can be customized to meet the specific needs of different industries. The CGL policy is an essential component of risk management for businesses, offering financial protection and peace of mind.
The policy provides a comprehensive package of coverages that is generally standard and accepted as a necessary safeguard for businesses against potential liabilities. The CGL policy may vary somewhat based on the insurance provider, but typically, it includes a standard base of protections that are critical for the operations of most businesses.
Moreover, businesses often have the option to include various endorsements that tailor coverage to specific needs of the business, such as protection against potential cyber risks or employment practices liability.