GENERAL LIABILITY INSURANCE
Unfortunately, the chances of getting sued have dramatically increased in the last decade1. General Liability insurance can prevent a legal suit from turning into a financial disaster by providing financial protection in case your organization 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. The insurance companies we represent provide liability programs that extend far beyond the provisions of typical policies, with broadened coverage and increased limits in over 30 areas.
Broad Range of General Liability Protection:
•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 organization made or service your organization provided
•Products Liability is 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 coverage types
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Commercial Package Policies
There are many different types of risks that a business owner might be exposed to and each requires its own insurance policy. When buying individual insurance policies to cover each risk, it can get confusing, which is why there are commercial package policies available to help business owners organize the insurance policies they need to protect their business into one convenient package. Often, this package can also afford an insured some discounts which makes it even more advantageous.
Not every type of insurance can be offered in a commercial package policy, however. Business owners can create their package using any of the following:
•Inland marine coverage
•Professional liability coverage
While the policy package may have some limitations, it is not cookie cutter. You individual package may have declarations, endorsements and conditions specific to you and the needs of your business. For instance,
•Each package will have what is called a common policy declaration, which spells out the details of who and what is covered. It will include the insured’s name, the date of coverage start and end, a description of the nature of the business covered and the premiums.
•Another package-wide spec is the common policy conditions, which spell out the responsibilities and obligations of the insured that is named first on the declaration. This ensures that, in the case of a business with multiple owners who are all named on the policy, one individual owner is responsible for making premium payments and responding to inquiries rather than having each business owner assume that another is handling it when none of them are. This is also the only individual on the policy with the power to cancel it. In order to do so, he or she must send the request in writing to the insurer. If the first named insured wishes to transfer these responsibilities to another, the request must also be made in writing and must be approved by the insurance company.
In this type of package policy, it’s also important to note that the insurance company is generally permitted to audit the insured company’s books and records at any time while the policy is in-force and for up to three years after it is canceled. They can also make an inspection or survey any time while the policy is in-force.