Facts About General Liability Insurance Policies
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Before a company invests in general liability insurance, it is important that they understand exactly what the policy will cover. More importantly, understand what the policy will not cover. Take time to look over the policy once it arrives. Make sure that it is designed to cover what you need covered.
In almost all policies of this type there are exclusions. The exclusions typically include unfair employment practices, professional accountability, and coverage for subcontractors. Although this is the most common policy for businesses, it is intended to only protect a company in the event an individual makes a claim against them for personal injury or damage to their property.
The typical Business Owners Policy coverage protects the company against claims of bodily injury, damage to property, advertising and personal injury. It will also cover defamation of character, slander and libel, invasion of privacy, and advertising copyright violation. What it does not cover are demands that are related to negligence or a failure to carry out professional obligations.
A typical policy will not cover any claim of unfair practices of employment. Any claim that is related to relocation, employee evaluations, demotions, disciplinary actions or any other policies that are employment related, are excluded. These exclusions also apply to applicants, current employees, past employees, and contractors.
The companies that us subcontractors should be aware of how their policy effects them. While there are some policies that will cover independent contractors hired by a company, other policies will cover the contractor directly as well as you. It is important to clearly understand exactly what the coverage is before purchasing.
It is very important for a business to comprehend what exclusions general liability insurance coverage has. They should make certain that their agent clearly understands exactly what type of work the company does. The agent can then offer the coverage that will protect against every possible risk.
Article Source: Articlelogy.com
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