Regardless of the size of your business, the following is a partial list of coverages which should be considered when protecting your operation. Benchmark Commercial Insurance Services, Inc. specializes in providing custom tailored packages of these coverages for you.
One of the key concepts of liability coverage is that it is comprehensive in nature. What this means is that the policy (insuring agreement) covers all hazards within the scope of the insuring agreement that are not otherwise excluded. It is likewise comprehensive in that it provides automatic coverage for new locations and activities of your business, which come about after policy inception and throughout the policy term. Commercial General Liability (CGL) is the standard commercial liability policy used to insure a business.
The Premises hazard exists when there is ownership or occupancy of property (the premises). A customer may have a premises claim against the Insured if the newly waxed floors caused the customer to slip and fall.
The Operations hazard exists when activity in addition to occupancy of property exists. Most of our customers have this exposure rather than Premises. A carpenter may be negligent and cut the electrical wiring, causing Property Damage to the building.
Products hazard arises from the manufacturing or selling of a product such as an air conditioner. A compressor that our Insured sold and installed for the client may have been defective and caused a fire damaging the building.
Completed Operations is a hazard that remains after the contractor has completed the job. In the air conditioner example above, if the compressor was improperly installed and later caused fire damage due to the improper installation, any resulting injuries or Property Damage would be said to emanate from the Completed Operations hazard.
This coverage includes libel or slander; invasion of privacy; misappropriation of advertising ideas or style of doing business; or infringement of copyright, title, or slogan, all in the course of advertising the Insured's goods or services. Some of the newer policies do exclude copyright infringement so make sure to check with your agent.
Provides Property Damage coverage to property leased or rented to the Insured. If the Insured rents a building and by negligence on the part of the Insured, fire damages the part of the building that is leased by the Insured, Fire Legal Liability coverage limit would apply.
Provides Medical Payments for persons, other than the Named Insureds, for Bodily Injury suffered on the premises, even though the Insured was not negligent. The difference between Medical Payments and Premises Liability is negligence. You do not need to be held negligent for the insurance company to pay a medical payment claim. This allows the company to pay small nuisance claims without the need for costly legal expenses.
CGLs generally exclude claims arising from the rendering or the failure to render professional services, and most professional exposures are more appropriately covered by a separate policy. Malpractice insurance (sometimes called "professional liability" or "error & omissions coverage") might be available for.