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Insurance GENERAL LIABILITY INSURANCE

 

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Over the decades we’ve had good coverage questions from our insureds, in response we’ve created  “edu-snippets”... about business insurance.  

 

Hey, don’t fall asleep yet.  This is going to be interesting because when possible, we’ll include case studies to illustrate real claims. Some funny, some not so funny but real just the same.

 

Let’s start with the basic business policy:  General Liability


You’re in business and you’ve leased a commercial space.  You and your landlord agree on the terms including insurance requirements.   

You might be thinking “why does my landlord require I have insurance for my business, it’s my risk isn’t it?”  Well in today’s world, when another party seeks compensation because something went wrong in dealing with your company, someone has to pay and the landlord wants to be sure it’s not them.

So the landlord requires you to be covered in case the injured party seeks compensation from your insurance policy (not the landlord’s).  (Stay Tuned for the next blog: If your building burns to the ground and you couldn't get a renovation loan, you’d like a check to replace inventory, phones, computers, all that stuff, right?  But that’s Property coverage and we’ll get to that and other coverages you can add to the policy in the next issue). 

General Liability primarily responds to Bodily Injury and Property Damage…check our website glossary: http://www.goldenbenchmark.com/glossary/l/
  
OK, pay attention here because it pays 3rd parties only (not you, you’re the first party).    On the liability side, picture your eye catching widgets displayed saying “buy me-take me home" amid gleaming fixtures in your new location... with shiny floors.  But the floors are a little too shiny because a customer comes in and  doesn’t walk so well, they fall and seriously break a bone.  Ouch!  Now they want you to pay thousands of dollars for the ambulance, stay in the hospital, physical therapy, lost wages if they’re employed and if they have a good lawyer, the bill could go much higher. Things get worse when you can't get a consolidation loan.  This kind of claim is what general liability coverage responds to.  

On the Property Coverage side, say you’re visiting Warner Brothers Studio, your business is as a cartoon artist. There you are standing in the reception of this beautiful office and didn’t notice the $50,000 bronze of Daffy Duck on a fancy pedestal.  You hear your name called and turn around too quickly, only to hit the bronze statue and throw Daffy off his pedestal onto the floor and well, there goes that cute feathered tail.  

Your fault, your bill.  So here the liability policy responds to events in your office and  the liability coverage follows you wherever you go.  Nice, huh?   

There’s a couple of other coverage's in the policy too.  Like Products Completed, Advertising Injury, Medical Payments, Assault & Battery but this blog is called “snippet”, so if you have any other questions about your general liability policy I can be reached @ e_ensign@goldenbenchmark.com.  I’d love to hear from you and what you think about our new idea!  Call me now while the question or comment’s fresh on your mind. 510-818-9877.
 
PS:   OK, so everybody can buy everything on the internet, right?  But when it comes to a contract, like an insurance contract, do you really want ‘click once and done’ when tens of thousands of YOUR dollars are in play?  Didn’t think so.  Call us so we can help you Simplify Insurance.
 
"We had several challenges we needed taken care of by an insurance broker that understood our business model and could deliver solutions. We are a smaller company within a larger corporation and needed higher liability limits that were not readily available by insurance companies. We also needed additional  insured endorsements from two large entities. They were able to accomplish all of this for us." 
~Jake –Major Tech Company, Redwood City

Posted 2:54 PM

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