Liability
Insurance
Business liability
insurance, which is part of the BOP or can be
purchased as a stand-alone policy, protects you
if you business is sued for injury or property
damage to third parties. It generally pays damages
related to bodily injury, property damage, personal
injury such as libel or slander, or advertising
injury. It also pays for the defense and related
legal costs for a covered claim or lawsuit.
Both the property and the liability
portions of the BOP carry certain limits on the
maximum amount the insurer will pay during the
policy period and as a result of individual occurrences.
Business liability included such
coverages as medical expenses if one of your customers
is injured in your facility, defense costs if
you should be sued by a visitor for bodily harm
or property damage incurred at your premises,
or claims of injury from a product you sell.
Part of the basic liability coverage
in a BOP included premises liability, which covers
visitors and other non-employees who are injured
on your property. Some additional liability coverages
may be necessary to protect an enterprise from
mistakes made in the normal course of business.
One of these is products and completed operations,
which pays for medical and dental bills and other
related costs for anyone injured by your products.
Another is product recall and replacement, which
covers the cost of a product recall and the expense
to replace the faulty product for your customers.
Other coverages relate to mistakes
that a skilled artisan or professional might make
in the course of his or her daily operations.
Professional liability provides coverage for claims
related to bodily injury (Including mental anguish),
property damage and financial loss for professionals
like doctors, dentists, accountants and lawyers.
On the other hand, skilled specialists in some
other fields might need similar coverage but not
all of it. Errors and omissions coverage may fill
that need. Most times professional liablity must
be purchased seperately from the General Liability.
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