Both general and professional liability policies pay claims based on when an incident occurs and when a claim is filed. The difference is when coverage is triggered. A claims-made policy has retroactive and extended reporting periods while an occurrence policy requires that the policy be valid when the incident happens, regardless of when the claim…
Additional Insured vs Loss Payee: What’s the Difference?
Both additional insured and loss payee coverage extend insurance coverage beyond just the named insured. The coverage often extends to a third party because of a contractual agreement. The primary difference between a loss payee and an additional insured is that the loss payee has the right to collect payments from the insurance company in…
6 General Liability Limits Every Business Owner Should Know
Every commercial general liability insurance policy has defined limits set forth in the policy and on the declarations page. Understanding these limits is important for making sure that you have enough coverage in any given area and are adequately insured against risk. Here’s a look at the six defined liability limits in a general liability…
5 Types of General Liability Claims and How to Avoid Them
As a business owner, you need to be prepared for anything and everything. Accidents could happen that you are liable for, which might cost thousands of dollars. Without general liability insurance, you’d have to pay those claims out of your pocket. Fortunately, a general liability insurance policy can mitigate those expenses when they arise. Even…
Products-completed Operations Coverage: What It Is & Who Needs It
Products-completed operations coverage is a part of a general liability policy that pays for injuries or property damage caused by a business’s products or operations. It is essential for contractors, service providers, and businesses that manufacture, distribute, or sell goods. Typically, a small business can get a general liability policy that covers products-completed operations for…
16 Common General Liability Insurance Exclusions
General liability insurance covers accidents and mishaps that can happen during the course of business operations. While most accidents are covered, there are exclusions to general liability policies that you should be aware of so that you can try to avoid instances not covered or get additional insurance to protect your business. It’s important to…
What Is Premises Liability Coverage?
Premises liability coverage is an insurance policy that pays claims for accidents involving guests that take place on your business property. By law in all states, an owner of property must make reasonable efforts to make sure that those visiting the property are entering a safe environment. To understand why premises liability coverage might be…
Can a Business Liability Waiver Protect Your Business?
When used in the right manner, liability waivers can help protect your business from lawsuits. Of course, you can still be sued, but the liability waiver serves as part of your defense that the plaintiff waived their rights to a claim. However, there are cases where the liability waiver is unenforceable. What Is a Business…
General Liability and Workers’ Comp: What’s the Difference?
Both general liability and workers’ compensation insurance cover people for injuries resulting from business operations. The difference is who they cover. A general liability insurance policy covers third parties for injuries as well as property damage while a workers’ compensation policy covers employees for injuries that happen while working. General Liability vs Workers’ Compensation: Side-by-side…
What Are General Liability Insurance Class Codes?
General liability insurance class codes are a way for insurance carriers to classify risk based on the work a company does. Every business has differing types and degrees of risk. The class codes help insurance carriers assign an appropriate premium rate, offer the correct type of coverage, and determine any exclusions, if necessary. How General…
What Is an Additional Insured?
Additional insured endorsements are amendments to insurance policies that extend limited coverage to entities not already named on the policy. Typically, the additional insured is a person or organization that could benefit from the protections the policy offers, such as companies that hire contractors. As an additional insured, the hiring company is protected if the…
What Is a General Liability Audit?
A general liability audit is when your insurance agency reviews your risk exposure based on payroll, gross sales, and employees’ job duties. It’s a way to make sure that you have the proper amount of coverage and are paying the correct amount for general liability insurance. Why Insurers Audit General Liability Policies General liability policies…