Protecting the Business of Florida with General Liability Insurance
General liability Insurance, also known as “commercial liability insurance” is a broad commercial insurance policy that covers general liability exposures of a business. Coverage typically includes product Oyer, Macoviak and Associates recommends that all businesses have general liability insurance coverage in place.
Frequently Asked Questions about General Liability Insurance
General liability insurance is a type of insurance designed to protect a business or individual from claims which are brought as the result of an accident, injury or property damage occurring on one's property. General liability insurance provides coverage for damages such as medical costs incurred by injured parties, compensation for time lost from work and legal defense fees if sued. Individuals with general liability insurance can also purchase coverage for products used by the insured, such as chainsaws or other power tools.
Individuals, businesses, and nonprofits typically have a variety of exposures that might require the need to purchase a general liability policy. For example, an individual involved in landscaping may have clients whose properties they maintain, and they may also have customers who are injured while on their property. An individual working in a warehouse could accidentally strike another worker with a forklift or jackhammer, injuring them. A homeowner might find that an unauthorized guest of his breaks his television while visiting and refuses to pay for the damage.
General liability insurance is often required by law for individuals and businesses who offer goods or services to the public. If an individual has no general liability insurance, he might find it difficult to obtain credit, especially from larger companies that require proof of coverage as part of their application process.
Nonprofit organizations typically have several exposures that could lead them to purchase a liability policy. For instance, they may be required to obtain liability insurance to maintain their non-profit status, or if they rent out facilities that could lead to legal issues if others are injured while using the space.
A general liability policy may provide coverage for personal injuries such as wrongful death, medical expenses and even psychological damages resulting from an accident. General liability will also compensate the insured for any property that was damaged during the incident. In the event of a wrongful death, this includes lost income and funeral costs.
Nonprofit organizations may need to carry additional coverage if they have significant assets at risk. For example, if someone is injured on one of their properties and files suit demanding compensation for his injuries, a nonprofit may need to make provisions so that they can pay all the damages without jeopardizing their ability to continue operating. What is CGL insurance?
General liability insurance (also known as "casualty", "comprehensive general liability," and "comprehensive" or "commercial" coverage) protects you and your business against claims of liability for death, bodily injury and property damage caused by accidents that occur on your premises or because of something you did or failed to do. Typical claims handled by general liability insurance include:
Bodily Injury – Coverage to compensate injured persons who are not employees of yours, but who suffer physical injuries because of your activities.
Property Damage – Coverage to repair or replace property damage caused by your operations, products, or premises.
Personal and Advertising Injury – Compensation for damages that result from an alleged defamatory statement (libel) about you or your business. Also provides coverage if a person is injured while on the premises because of an advertisement that you prepared.
Medical Payments Coverage – Pays for medical treatment of persons injured at your business, regardless of who may be legally responsible.
Business owner policies are less expensive than insuring your business with separate policies. They also may offer broader coverage and better limits for some coverages, such as furniture replacement, fire damage or employee dishonesty.
What kinds of assets can be protected by general liability insurance?
Property owned by the insured, including buildings, land improvements, and all business assets.
General liability insurance is not technically required but many businesses, especially those that sell or serve the public are legally obligated to have this coverage. It's also essential for most professional services firms (like accountants and lawyers) and other organizations who work with the public like trade associations and charitable groups.
General liability limits the insured against bodily injury and property damage costs resulting from:
Owners or tenants being legally liable for certain personal injuries or wrongful death that occurred on their premises, caused by an occurrence. Bodily injury includes any physical damage to another person. Property damage refers to physical damage to the property of others. An occurrence is "an accident, including continuous or repeated exposure to substantially the same general harmful conditions."
Owners or tenants being legally liable for physical injury caused by products manufactured, distributed, sold, or used in the regular course of business. Products can include everything from a computer program and industrial machinery, to medicines, food, a car, and other manufactured items.
Owners or tenants being held liable for certain types of property damage resulting from an occurrence. This includes coverage for "business interruption" clauses that pay the business's costs to continue operating while their building is repaired following physical loss or damage.
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What You Need to Know About General Liability Insurance
Take a look at the list below for additional general liability coverages that are often available.
Professional Liability Insurance (Errors & Omissions) Errors & Omissions (E&O) covers professionals for negligence and errors or omissions that injure their clients or cause damage to a third party’s data. This type of insurance is particularly important to licensed professionals such as accountants, attorneys, insurance agents, architects, engineers and technology companies. Oyer, Macoviak and Associates recommends that all professional and technology companies have E&O coverage.
Employment Practices Liability Insurance (EPLI) Employment Practices Liability Insurance for employers covers employment-related liabilities other than on-the-job injuries. This can include legal fees and damages for suits such as wrongful termination, discrimination, sexual harassment, and other alleged violations of employees’ legal rights. If you have employees, Oyer, Macoviak and Associates recommends considering this type of coverage.
Directors and Officers Insurance (D&O) D&O covers directors and officers of a company for negligent acts or omissions and for misleading statements that result in lawsuits against the company. There is a variety of Directors and Officers coverage available such as corporate reimbursement coverage, personal liability, and entity coverage. D&O policies may be broadened to include coverage for employment practices liability as well.
To find out more about these, as well as other products and services, call Oyer, Macoviak and Associates at 561-732-9305 and we’ll help make sure you’re properly covered.
General Liability Insurance Companies We Proudly Represent
At Oyer, Macoviak and Associates we are not captive to one insurance company so we can shop the different insurance companies to give you the best coverage with the best rate.