Finding the right insurance policy is an essential part of running a profitable business. No matter what industry your company represents, you need to make sure you are covered in the event of bodily or property damage to a third party or client. There are several types of Florida liability insurance, but most professionals find a commercial general liability (CGL) policy provides the right type of coverage. Here is an overview of liability insurance coverage.
1. Bodily Injury and Property Damage
This element provides protection in the event your goods or services create injury or property damage to a third party (not including company employees).
2. Personal and Advertising Injury
If your company is sued for slander or libel, this type of coverage provides protection.
3. Liquor Liability
Your company is covered for liability related to company events at which your employees consumed alcohol.
4. Contractual Liability
This aspect of Florida liability insurance protects your company for liability assumed in a lease or other legal contract.
5. Complete Products
If your products end up causing harm or damage to customers or third parties, your company is covered by this section of the CGL policy.
Commercial general liability insurance can help your company remain productive and financially solvent even during difficult circumstances. An expert broker can create a policy that includes the standard CGL coverages along with any specific protection necessary for your particular industry.
General liability insurance is purchased by businesses as a way to protect the assets of their companies. Most businesses can select the type of coverage suited to their particular needs. A liability policy is designed to protect the business against lawsuits due to the building where the business resides or any damage or injury related to products produced by the entity.
Many insurers selling business insurance offer this type of policy and can discuss in depth options available to their clients. This type of policy is typically bundled in a business owner’s policy (BOP) as a part of a basic business package. By doing so, the agency can provide more complete coverage to policyholders.
General liability insurance claims
The claims adjuster has a duty to help the policyholder with the claim. A claims adjuster should help explain coverage and available benefits to the policyholder and to take other steps to help bring the claim to a prompt and fair conclusion. In some instances where a claim is such an amount that it exceeds policy limits the insured may find that they are underinsured.
Umbrella insurance is an additional liability-type insurance coverage in case a claim exceeds your liability insurance limits on your primary coverage. You’ll probably want more than one commercial liability insurance quote for your business, but before you start shopping around you should know what to look for and how to go about getting the right policies that may actually provide you with the necessary benefits you’re going to need.
Again, as a business owner you might decide to buy multiple policies with different insurers. For example, you might buy a Florida liability insurance policy with one agency and then purchase another policy from a different agency to cover some other aspect of your business, commercial auto perhaps. However, bundling your coverage for your business under one policy with one insurer allows you to choose certain policies and may also help reduce your premium costs. As an added bonus, this makes managing your insurance renewals faster and easier.