In the context of insurance for businesses, what does "CGL" stand for?

The term "CGL" in the context of business insurance stands for Commercial General Liability. This type of insurance is essential for businesses as it provides coverage for third-party claims involving bodily injury, property damage, and personal injury that can occur as a result of the business operations, products, or services.

Commercial General Liability is designed to protect a business against financial losses that can arise from lawsuits or claims filed by clients or other parties. It typically covers legal defense costs as well as settlements or judgments if a business is found liable for damages. This ensures that businesses can operate without the constant worry of potential legal claims that could lead to significant financial burdens.

The other terms provided do not accurately reflect what CGL stands for in the insurance industry. Comprehensive General Liability is a term that is often confused with CGL but is less commonly used in the industry today. Corporate General Liability implies coverage specific to corporations, which is not a standard designation, and Construction General Liability is more specialized to the construction industry, but it does not encompass the broader range of businesses covered under Commercial General Liability. Thus, the correct understanding of CGL as Commercial General Liability is crucial for recognizing its importance in business insurance.