No matter what the size or nature of your business is, operating any business comes with unique risks, and the biggest challenges are often the most common. At Lancaster Insurance Center, we provide you with a tailored insurance package that is right for your business.
Business Liability insurance is referred to as “General Liability Insurance.” This coverage protects your business from financial loss should you be liable for property damage or personal and advertising injury caused by your services, business operations or your employees. It covers non-professional negligent acts.
General Liability insurance policy will usually cover the cost of your legal defense and will pay on your behalf all damages, if your found liable. General Liability insurance is an important coverage to have, due to the adverse impact that a lawsuit could have on a business.
Coverage A: Bodily Injury and Property Damage Liability
Bodily injury and property damage coverage provides protection against losses from the legal liability of insureds for bodily injury or property damage to others arising out of non-professional negligent acts or for liability arising on their premises or business operations. Mental injuries and emotional distress can be considered bodily injuries, even in the absence of physical bodily harm.
Workers’ compensation and employment practices liability insurance are excluded, purchased as separate policies. Pollution liability is excluded and can be purchased as an endorsement, this coverage is very limited, and high-risk businesses should consider purchasing a separate pollution liability policy. Liquor liability, professional liability and other risks may also be excluded.
Coverage C: Medical Payments
Limited coverage for medical payments includes payments for injuries suffered by a non-employee caused by an accident that takes place on the insured’s premises or when exposed to the insured’s business operations. Medical payments coverage can be initiated without legal action. This provides for prompt settlement of smaller medical claims without litigation. It is included in the General Liability policy and pays for all necessary and reasonable medical, surgical, ambulance, hospital, professional nursing, and funeral expenses for a person injured or killed in an accident taking place at the insured’s premises or arising from business operations. There is no defense or legal liability coverage—as there is with bodily injury and property damage (Coverage A) and personal and advertising liability (Coverage B) —since coverage is provided on a no-fault basis.
Additional Liability Coverage to Consider
Directors & Officers Liability – protects past, present, and future directors and officers of for-profit or nonprofit companies from damages resulting from alleged or actual wrongful acts they may have committed in their positions. The policy provides protection in the event of any actual or alleged error, misstatement, omission, misleading statement, or breach of duty.
Liquor Liability -protects your business against loss or damages claimed because of a patron of your business becoming intoxicated and injuring himself or others. If your business manufactures, sells, serves, or facilitates the use or purchase of alcohol, then your business will likely need this coverage. Liquor liability coverage may be sold as an add-on to a commercial liability policy or as a stand-alone policy. But, if you do not purchase this extra coverage, your standard commercial general liability policy does not protect your business against liquor-related claims.
Pollution Liability – provides industrial, commercial, and agricultural property owners, managers, and developers with a broad range of pollution liability protection for gradual, as well as sudden and accidental, first-party, and third-party environmental liabilities. It also protects assets from unforeseen environmental exposures that could have substantial impact on earnings. In addition, it protects against unforeseen pollution hazards that may lead to bodily injury, property damage or pollution clean-up costs.
Want to obtain a general liability insurance policy for your business? Contact us, we’re ready to help!
Allow Lancaster Insurance Center to help you choose a policy that will fit your business needs. Our goal is to help you protect what matters most by protecting your assets, whether business, personal, or both. A well-chosen policy can lessen the impact of some of life’s most common, yet unforeseen perils.
Contact us today for a quote!