Commercial general liability, commonly thought of as the "slip and fall" coverage, insures a business against accidents and injury that might happen on or away from its premises, as well as certain exposures relating to the carrying out of its business operations.
It protects the business owner from payments for bodily injury or property damage to a third party, for medical expenses accruing to the underlying incident, for the cost of defending lawsuits including investigations and settlements, and for any bonds or judgments required during an appeal procedure.
With so many people now working out of their homes, it's worth noting that the liability coverage on your homeowner's policy may not apply if a customer or messenger is injured on your property. And since a standard homeowner's policy comes with only a limited amount of coverage for business equipment, usually up to $2500, those who work at home should consider supplementing their insurance.
Business risk exposures to consider:
1) General Liability
2) Errors and Omissions
3) Director & Officer protection
4) Business Overhead expenses
5) Employee Group Benefit plans
Some might argue that employee group benefit plans are not necessarily a risk exposure. But picture this: Suppose its common practice in your industry for a business to offer health/dental insurance as well as 401k participation to its employees. If a firm within that industry has taken the position that they are not going to provide these benefits to employees, the firm has now exposed themselves to the recruitment risk of competitor firms bidding for their top employees with more attractive compensation & benefits packages.
Coverage of these business risks will be discussed in more detail in the chapter that follows.
Introduction to Personal Insurance
Small BusinessLearn how a complete risk management plan can minimize or eliminate your financial exposure through insurance and prevention solutions.
InsuranceDon't go to work without this policy in place - especially if your work is in your home.
Financial AdvisorAdvisors spend a lot of time discussing insurance with clients but they also need to consider their own coverage needs as small-business owners
InsuranceStandard liability coverage may not be enough. Special needs call for specialized policies.
InsuranceFind out how different types of coverages can protect you and which policy is right for you.
InsuranceEvery business is susceptible to legal action. Find out how to protect yours.
InsuranceFind out to determine how much car insurance you actually need with this overview of the different types of coverage available in your policy.
Financial AdvisorIs group term life insurance really a good deal? What you need to know about employer-sponsored group term life insurance coverage.
InsuranceFor individuals with larger families and responsibilities, supplemental life insurance may bridge the shortfall in coverage from term or whole-life policies.
InsuranceHomeowners insurance may not be enough – say, if your nanny sues for damages after an accident. That's where umbrella coverage comes in.