Inside General Liability
Every business owner should purchase General Liability coverage to protect the business in the event of an action brought against them. This valuable coverage can be purchased as a stand-alone policy (monocline) or part of a package in a BOP (business owner’s policy) or Commercial Package policy. Typically referred to as “slip and fall” insurance, General Liability policies offer much more protection to the business owner:
Bodily Injury & Property Damage Liability
This provides coverage in the event that an injury is caused or property damage happens in the course of your ongoing operations. For example, a lawn service is sued because while cutting grass the mower operator hit a rock that was sent as a missile into the head of a child causing injury. Or, that rock went through a window and broke an expensive ceramic figurine.
Personal Injury Liability
Although these sounds like it would cover for physical personal injuries that an insured might inflict on another, the coverage is for many different things. Primarily this coverage is provided to pay for lawsuits arising out of alleged offenses such as libel, slander and false arrest.
Advertising Injury Liability
This part of the policy is triggered if an action is brought by a third party for alleged loss or suffering resulting from an organization’s advertising. This coverage has become more popular resulting from the social network advertising in a very litigious environment.
This is a great little coverage that is almost a gift from the insurance company. The Medical Payments coverage can be accessed with proving fault and can settle many injury situations. Usually purchased with limits such as $5,000 or $10,000, this coverage can be very valuable to the insured. For example, that same lawn mower operator accidently rolls over some rocks and one of them hits a child playing in the yard. If the injury is not severe and only requires a quick trip to the ER, the insurance company will pay the costs up to the limits selected, without out the need for legal action.
Premises Liability provides coverage for damage caused to property you rent such as warehouse, office or retail space.