Often business owners have done the leg work to start a business, but forget about General Liability Coverage
Each company has its own unique risk factors that are specific for your type of business. When you partner with a professional who has knowledge of your business, they can direct you in ways that are invaluable to the business owner. Agents provide a wealth of knowledge that will benefit your business in the long run. General Liability and how it will protect your business against third-party claims of bodily injury or damages to someone else’s property. General Liability may be requested by your landlord, this coverage protects your business claims of Bodily Injury and/or Property Damage. Depending on what your landlord requests when you lease a space, there may be specific verbiage on the request. Unlike home owner policies that more are familiar with, property coverage is not included in a General Liability policy, it must be purchased separately.
General Liability (GL), can also cover certain claims of alleged financial loss due to Bodily Injury and/or Property Damage arising out of your business operations, products or services. Slander, wrongful detainment, violation of right to privacy and advertising errors are some others.
Your GL coverage needs to include Medical Payments due to your negligence. A simple example is you decide to set up a booth at a fair and your canopy that provides shade flies over and hits a patron of the event. YOUR General Liability if structured properly should cover this type of exposure. Some policies offer extended coverage, it is up to the business owner to investigate this coverage which broadens coverage for the business owner.*
*This information is not an offer for insurance, nor is it specific for any one company. This is in a generality of available coverage that you may want to investigate to see if it will apply to your needs, This is not an advertisement no offer for insurance subject to state laws. Not all coverage are available in all states.
Article Submitted by:
DAWN FISLER LUTCF,
LICENSE INFO:DAWN MARIE FISLER, LICENSED IN AZ, NV, UT