Protecting Your Business From It's General Liabilities
What liabilities do almost all businesses have, and how can we generally cover them? This question spurred the conception of the General Liability policy.
The General Liability covers the named insured and any additional insured on the policy, subject to the language of the policy. Many companies are turning to a blanket additional insured endorsement, meaning anyone requiring by contract with the insured to be an additional insured shall be recognized as such without the need to add them to the policy physically.
The General Liability Policy can cover bodily injury to others (BI) and property damage to others (PD) arising out of premises, operations, products, and completed operations; and advertising and personal injury (PI) liability. These policies can be tailored to include and exclude certain parts, subject to the language of your policy.
To put simply the policy covers you if anyone not part of your company gets injured through your work or at your location, or if you commit slander or libel, or falsely advertise.
Most policies provided by carriers today have transitioned to a claims made policy type from the previous occurrence policy. It is very important to understand what type of policy you have to understand when claims are filed and when you will be covered.
If you are covered by a claims-made policy, it is important you understand the lack of coverage after the policy has been cancelled. If you would like coverage to extend to a date after the cancellation, for instance a claim coming in after you have closed up shop, you would need to consult us about extended reporting period or "tail" coverage.