WEDNESDAY, NOVEMBER 11, 2020
Running your business is hard to do. You’re focused on your product or service, but you also have to consider just how safe your space is. Keeping your customers, people passing by, and your employees safe is important. Yet, many companies don’t know how to do this in an age of lawsuits for slips and falls. Let’s talk about premise liability and general liability. What’s the difference?
What Is Premise Liability?
Premise liability insurance is a form of business insurance that protects you from losses other people suffer when they come onto your property. This can easily happen even in a simple office space. For example, your client steps into your office, trips on a carpet, and hits his head on your desk. Or, an accident might happen in a manufacturing location. Someone stops by to drop off a package. They cut their hand on a sharp edge of a piece of equipment.
In either case, the injured party’s medical bills might cost them a lot of money. The thing is, they might want you to pay the tab because the accident occurred in your business.
That’s why premise liability insurance covers accidents in your workplace. This includes within your business’s structure. It also includes workspaces on the site. It includes the parking lot, the walkways, and other areas connected to your workspace.
Who Needs This Coverage?
Premise liability may be valuable if you operate out of a building. If you have shared spaces with other businesses, such as a parking lot or walkways, you may not be responsible for all of those areas. It’s important to talk to your agent about specific risks.
Doesn’t General Liability Insurance Cover This?
General liability insurance is a larger policy in terms of what it covers. Yes, it usually covers premise liabilities. However, it can cover many off-site risks too. Most policies include things like damage to another person’s property or copyright infringement. Nearly all businesses need to carry a general liability insurance plan.
However, some companies benefit from a higher level of premise liability than that offered by a general liability policy. This coverage may be necessary if there is a higher risk of accidents on your location. Some industry-specific situations may lead to costly losses due to an injury on-site. You may want to have a policy that provides a higher level of premise liability.
What’s best for you? That depends on your business. Your agent can also look at other businesses like your own to estimate risk. Then, he or she can customize a policy to meet your individual needs and risks. For some, a general liability insurance policy is enough. Others may want to enhance that coverage.
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