General Liability Coverage
Unlike the seatbelt in your truck cab, general liability coverage isn’t one size fits all. No two businesses are alike, nor are their coverage needs or policies. General liability coverage provides protection for business operations that are not directly related to operating a vehicle. In general, most policies cover the same liabilities and scenarios but may need fine-tuning to account for contractual stipulations and the risk involved in insuring your business.
Liabilities and scenarios covered include:
Damages to premises rented to the policyholder- this option covers damage caused by the policyholder or an employee of the policyholder to building, land, or structures not owned by the policyholder. In this instance, the policy is only applicable to damage for which the policy holder is legally liable.
Bodily injury and property damage liability- this option covers third-party non-employee injuries or property damage occurring on the premises of your business. Employee-related claims must be handled through worker’s compensation, which is another type of coverage.
Medical payments- This option covers payment to a non-employee third party for injury or funeral-related costs resulting from injury or death for which your business assumes responsibility. There is no minimum coverage limit purchase required and may be determined by the policyholder. The limit should, however, be considered carefully to ensure adequate coverage is purchased, and no unanticipated additional expense is incurred.
Personal and advertising injury- this option covers damage to the reputation of your business, including copyright infringement, slander, and libel.
Products- completed operations- this option protects the policyholder from liability related to illness or injury caused by the product their company distributes, sells, or produces, or against faulty workmanship occurring after contracted work is completed.
Of note, there may be additional coverage needs that require another type of policy to ensure all factors are accounted for, including worker's compensation for commercial automobiles, employee injuries or property damage, professional liability, and property owned by the policyholder. These should be discussed with your broker.
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