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When it comes to commercial liability coverage, there are many things to consider. This coverage is considered a must for business owners. This policy provides protection from liability claims that may be filed by customers, clients or visitors. Even when all the precautions and preventative measures are used to keep a business process or place safe and secure, something can still go wrong.
Basic general liability insurance protects a business against personal injury and property damage claims. The policy also covers litigation costs related to injury or damage. The primary componenets of the General Liability Policy are Bodily Injury and Property Damage per Occurrence and a General Aggreagate (Annual maximum), Prodcust and Completed Operations per Occurrence and General Aggregate, and Medical Payments to Others. It must be noted that the policy carries a limit which means the insurance company will pay only to the limit specified in the policy documents. Manufacturers may need to have two separate policies. One for their operations and the other for their Products. Business owners who wish to increase their general liability insurance limits should investigate an umbrella policy. This type of policy provides increased limits of liability over and above the businesses liability coverages.
There are some liability exposures generally not covered by a regular general liability policy and need to be added or covered by a sperate insurance policy.
These exposures include but are not limited to:
Employee Benefits Liability – liability arising from the administration of employee benefits
Employement Practices Liability – liability arising from employees (1st party) or others (3rd oarty) related to harrasement, discrimination, or wrongful termination.
Privacy Violations via employee neglect or computer system breach.