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General Liability Insurance
Business liability insurance protects you if your business is sued for
injury or property damage to third parties. It generally
pays damages related to bodily injury, property
damage, personal injury such as libel or slander,
or advertising injury. It also pays for the
defense and related legal costs for a covered
claim or lawsuit.
The liability portion of your policy will
carry certain limits on the maximum amount
the insurer will pay during the policy period and
as a result of individual occurrences.
Business liability includes such coverages as medical
expenses if one of your customers is injured in
your facility, defense costs if you should be sued
by a visitor for bodily harm or property damage
incurred at your premises, or claims of injury from
a product you sell.
Part of basic liability coverage includes
premises liability, which covers visitors and other
non-employees who are injured on your property.
Some additional liability coverages may be necessary
to protect an enterprise from mistakes made
in the normal course of business. One of these
is products and completed operations, which pays
for medical and dental bills and other related costs
for anyone injured by your products. Another is
product recall and replacement, which covers the
cost of a product recall and the expense to replace
the faulty product for your customers.
Other coverages relate to mistakes that a skilled
artisan or professional might make in the course
of his or her daily operations. Professional liability
provides coverage for claims related to bodily
injury (including mental anguish), property damage
and financial loss for professionals like doctors,
dentists, accountants and lawyers. On the
other hand, skilled specialists in some other fields
might need similar coverage but not all of it.
Errors and omissions coverage may fill that need.
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