General Liability Insurance

Insurance that covers

what is general liability insurance?

Whether you are a small business owner or multinational corporation, when it comes to your insurance coverage General Liability will always be at the top of the list. Your General Liability Coverage protects you (the owner) and your employees if you are involved in a lawsuit. From someone slipping and falling in your parking lot to injuries resulting from using your product, your General Liability Policy covers expenses related to out-of-court settlements, litigation, and court judgements. Your policy may also include advertising injury, bodily injury, personal injury, and property damage.

There are many additional coverages that can be added on to the policy depending on the insurance provider. Some of the coverages might be additional insured, primary and noncontributory, waiver of subrogation, professional, and pollution (to name a few). Understandably, all that can be a lot to take in at once so let’s break down those additional coverages.

additional insured coverage

In most, if not all cases, when dealing with a contract between you and your customer, you are required to provide the Additional Insured Endorsement on your policy. What does that mean? Additional Insured simply means a person or organization that enjoys the benefits of being insured under an insurance policy, in addition to whoever originally purchased the insurance policy. This allows the additional insured the right to go straight to your insurance provider if needed. This endorsement is typically offered for an additional fee on the policy and can be purchased on an each additional insured option or if you need blanket additional insured coverage that allows you unlimited additional insureds during your policy period.

Professional Liability coverage

When working with clients in industries that the insured’s professional opinion or services can result in financial loss, illness, injury, or death, Professional Liability Coverage is always a must. This coverage can often times be added to the General Liability Policy for coverage. What is Professional Liability Insurance coverage? It is insurance that protects professionals such as accountants, lawyers and physicians against negligence and other claims initiated by their clients.

Primary and Non-contributory coverage

The Primary and Non-contributory Endorsement can be a little trickier when calling up your agent and requesting it be added. What does Primary and Non-contributory mean? The terms Primary and Non-contributory most often appear in business contracts that involve Liability Insurance. Primary Insurance appears more than Non-contributory, because the latter has no set definition. Primary Insurance refers to situations with multiple insurance policies where one will step in before the others. Example: In Liability Insurance claims, when two policies cover the same loss, one usually applies on a primary basis and the other on an excess basis. This means that one will pay first (the Primary Policy), and the other will pay only if the Primary Policy either does not cover the loss at all or if the amount of insurance is not enough to pay for the entire loss.

We'd love to share our knowledge and experience

One of the most commonly asked questions of agents is “How much insurance do I need?” This is where a professional insurance agent will provide you with numerous insurance coverage options regarding limits and coverages and then explain the risk associated with each of them. Each business is different, so visiting with your agent is important to make sure your business is protected the way it is supposed to be.

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