If you have a personal umbrella liability policy, there's generally an exclusion for business-related liability. Make sure you have sufficient general liability coverage.
Unfortunately, for every business owner, the chances of getting sued have dramatically increased in the last decade. General Liability insurance can prevent a legal suit from turning into a financial disaster by providing financial protection in case your business is ever sued or held legally responsible for some injury or damage.
General Liability pays losses arising from real or alleged bodily injury, property damage, or personal injury on your business premises or arising from your operations. General liability programs extend far beyond the provisions of typical policies, with broadened coverage and increased limits in many areas.
Bodily Injury: including the cost of care, the loss of services, and the restitution for any death that results from injury
Property Damage: coverage for the physical damage to property of others or the loss of use of that property
Products-Completed Operations: provides liability protection (damages and legal expenses up to your policy's limit) if an injury ever resulted from something your company made or service your company provided
Products Liability: a more specialized product liability insurance that protects your company against lawsuits from product-related injury or accidents
Contractual Liability: extends to any liability you may assume by entering into a variety of contracts
Other coverage includes: Reasonable Use of Force; Borrowed Equipment; Liquor Liability; Non-Owned Vehicles (such as aircraft and watercraft); Fire, Lightning or Explosion Damage; Water Damage Liability Protection; Legal Defense Costs; Medical Payments; Personal Injury; Advertising Injury; and specialized liability protection for specific business types
Not having comprehensive coverage, like general liability insurance, leaves a company unprotected if an incident like an accident or injury occurs. It is wise to research the sufficient amount of coverage for the industry to gauge how much coverage is needed to avoid paying with funds from the company. With the amount awarded in lawsuits skyrocketing in recent years, a judgment against you can be catastrophic to your business
A general liability insurance policy protects a company and its employees from many types of incidents. This insurance covers bodily injury, property damage, product-completed liability, contractual liability, liquor liability, employer injuries, and damages from fire, lightning and explosion. Medical payments for personal injury, coverage for advertising injury and legal defense costs fits under the umbrella of a general liability insurance policy.
By having a general liability package, companies can relax knowing that they can conduct business without having to worry unduly if an allegation is brought against them. If a claim is filed against an insured business, their insurance company will conduct a thorough investigation to eliminate any claims that are proven to be unjust. Legal fees, including court costs, are covered under the general liability policy. If the business is found liable and the incident is covered under the policy, their insurance company would pay the award amount up to the coverage limit purchased by the insured.
When a business purchases general liability coverage, an insurance company determines several factors before issuing a premium offer. These factors may include risk, the history of claim filings by the company, the industry in which it conducts business and the size of the workforce. The premium amount is also affected by the amount of coverage a business is seeking. The payment of premiums is the company's requirement for coverage.
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