Bodily Injury Coverage: – Guards the company in the event that it is held liable for a third party’s bodily harm. This coverage may extend to compensate for lost wages, court costs, and settlement money.
Property Damage Coverage: – Pays for expenses related to harm to third parties’ property that the company is held accountable for.
Personal and Advertising Injury: – Offers protection against non-physical harm, such as false arrests, libel, slander, copyright violations, and other advertising-related offenses.
Products and Completed Operations Coverage: – Guards against legal action stemming from goods sold by the company or finished operations. Manufacturers and companies in the building or service industries should take note of this.
Medical Payments Coverage: – Pays medical bills for accidents that happen on company property or as a result of business operations, regardless of who is at fault. Compared to bodily injury coverage, this coverage is typically more constrained.
Defense Costs: – Pays for settlements and judgements as well as court costs and attorney fees.
Extra Insured Endorsement: – Enables extra insured entities, such contractors or landlords, to be added to the policy, providing coverage to them for specific obligations.
Contrary Liability Coverage: – Handles obligations taken on by the company under certain contracts. It is crucial for companies that sign contracts committing them to certain liabilities.
Incidental Medical Malpractice Coverage:- Offers restricted protection for medical services rendered in connection with the company. Keep in mind that this cannot replace a thorough medical malpractice policy.
No-Fault Coverage: – This type of insurance pays for medical costs incurred by third parties injured on the company’s property, regardless of fault.
An all-encompassing corporate risk management plan must include general liability insurance. It assists in mitigating the financial effect of unanticipated events and liabilities that may jeopardize the financial health of the company. It’s crucial for companies to collaborate closely with their insurance broker to customize a policy that addresses their particular requirements and industry-specific hazards because the precise coverage and limitations may differ.
Business Insurance