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Lauderdale-by-the-Sea Business Liability Insurance

General liability insurance or business liability insurance is coverage that can protect you from a variety of claims including bodily injury and property damage arising from your business operations or completed work. General liability insurance also includes Personal and advertising injury, Medical payments, Products completed operations, Damage to premises rented to you.

Who needs general liability insurance?

General liability insurance is often combined with property insurance in a Business Owners Policy (BOP), as a business owner, you need some form of business liability insurance to safeguard your livelihood. A single accident could result in a lawsuit that you might not be able to handle. Make sure you have liability coverage that matches your level of exposure. Some contractors or clients might also require you to carry a certain amount of general liability before you can work for them. Blanket Additional Insured Coverage extends your existing liability insurance to other entities as required by some contracts with employers.

Is general liability insurance required by law?

No, but failing to carry general liability insurance could result in you having to pay for all the expenses related to a claim against your business. For example, while visiting your office a client slips on a rug and breaks their hip. Without general liability insurance, you could be solely responsible for all the medical bills and legal fees. Although not required by law, it should be a priority for your business.

Does general liability insurance have a deductible?

Yes. You choose the amount of your general liability deductible when you get a quote. A deductible is a fixed out-of-pocket expense you agree to pay before your coverage starts to pay.

Does general liability insurance cover theft?

General liability insurance only pays for third-party damages, not yours. You’re considered the “first-party”. The “third-party” is the one that has a claim against you. This means general liability won’t cover your property or equipment against theft or damage.

Is general liability insurance tax deductible?

Yes. Since general liability premiums are considered “a cost of doing business”, they usually can be written-off at tax time. That said, it’s a good idea to consult a tax professional to make sure.

Does general liability cover professional mistakes?

No. General liability only provides coverage for claims against you by others for their bodily injuries or damage to their property, you need professional liability insurance.

What is a certificate of insurance?

A certificate of insurance (COI) is document that lists all coverage’s and limits on an insurance policy to prove you have insurance and details your policy coverages and limits.