General Liability insurance can prevent a legal suit becoming a financial disaster by providing protection in case businesses are ever sued or deemed legally responsible for injuries or damages to someone else’s property.
General Liability pays losses arising from real or alleged bodily injury, property damage, or personal injury on your business premises or as a result of your actions.
General Liability Coverage
Bodily Injury – includes cost of care, the loss of services, and the restitution for any death that results from injury.
Property Damage coverage- physical damage to property of others or the loss of use of that property.
Products-Completed Operations- provides liability protection for damages and court costs up to your policy’s limit of an injury as a result from something a company made or service a company provided.
Products Liability- is a more specialized product liability insurance that protects a company against lawsuits from product-related injury or accidents.
Contractual Liability- liability that businesses assume as a result of the written contractual agreements made with other businesses.
It is important that owners remember that such covered claims can result into lawsuits that arise out of injuries while the construction is ongoing or many years after a job is finished.
Risk Insight into Liability Insurance
Contractors’ General Liability has become increasingly difficult to obtain in recent years due to the construction defect litigation crisis. The insurance industry has begun to restrict coverage by placing many exclusions on contractors policy forms including but not limited to EIFS, Mold, Lead, Products-Completed Operations, Prior Completed Work, Damage To Work Performed By Subcontractors On Your Behalf, Subsidence, Contractual Liability Limitation, Independent Contractor Exclusion, Roofing Operations Exclusions, etc.
It is important that your agent understand the liability policies that they are selling to your business. The Maxwell Insurance Group has done repetitive business with hundreds of different insurance companies and as a result we have provided our clients with a wealth of knowledge of all insurance products that we sell to our clients.