Should I have Commercial or General Liability Insurance?
Commercial or General Liability Insurance
Most commercial or general liability insurance policies offer some type of protection and insurance for property damage. However, once involved in an accident, exactly what does property damage liability cover? It’s important to understand the potential protection an insurance policy offers before an accident and before purchasing the policy.
Why is Commercial or General Liability Insurance Important?
Small businesses face many risks throughout their operations. Commercial or General liability insurance is important because it adds extra protection against the many risks that small business owners face. Furthermore, general liability insurance coverage protects your business from third party claims against your company of bodily injury as well as damage to someone else’s property. This insurance coverage does not protect damage to your personal property.
General liability insurance policies often provide coverage for:
– Third Party Bodily Injuries – Medical Payments – Libel and Slander
– Third Party Property Damage – Product Liability – Copyright
General liability insurance policies do not provide coverage for:
– Damage to your business property – Willful, Intentional Acts
– Employment Discrimination – Workers Compensation Claims
Personal Injury Litigation
Many times, small and large businesses need certain general liability claims to be litigated. Certain insurance companies many work out the claim before a lawsuit. However, other insurance companies will play “hardball” and will not make an offer or negotiate until a claim is filed.
Our firm understands this. We seek to work out the claim first without a lawsuit. This will involve less time, less expense, and less time involved from our clients. Thus, we are not afraid to file a litigation claim if need be. This is what separates us from other personal injury law firms who are advocates of filing every litigation lawsuit.
Bad Faith Insurance Claims
Contracts with insurance companies entitle the insured to an implied covenant of good faith and fair dealing. Our firm has dealt with many instances where the insurance company does not even make an offer. Potentially, this may be a bad faith insurance claim.
When an insurance company acts in bad faith, this entitles the insured to extra compensation. This compensation is outside the scope of the contract. Our firm analyzes each case and ensures that the insurance company acts in good faith. Otherwise, we pursue bad faith claims against the insurance company.
How much coverage should I have?
The amount of coverage for a business really depends on the nature of the business. For a business that is engaged in high cost services or products, the liability insurance should be higher. The risk of high bodily injury for a business should mean higher insurance policies in order to ensure financial protection.
Larger insurance policies means larger insurance premiums. While a business may be reluctant to spend more on a higher insurance premium, they should be considering the potential harm and injuries that may result from their activities. The potential amount of recovery must cover operation costs, but at the same time be a realistic amount that the business can pay.
Talk to An Experienced Personal Injury Attorney
If you have questions about a commercial or general liability insurance policy, you should talk to an attorney. Each insurance company offers slightly different coverage, so it’s important to understand the details of your policy. Furthermore, our experienced personal injury lawyers can take a look at your insurance policy and help you with any questions. Our goal is to protect and educate you. Thus, we offer Free Consultations. Call 772-589-5500 or click here to schedule a Free Case Evaluation.