Liability Insurance Information

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Liability insurance is a little more complicated when talking about business policies rather than personal ones. Learn about liability insurance and get information with help from an insurance professional in this free video clip.

Part of the Video Series: Insurance Information
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Video Transcript

Hi, I'm David Sumpter, Commercial Insurance Specialist with Wateridge Insurance in San Diego. Today, we're going to talk about liability insurance. There's liability insurance for personal coverages that would be your homeowner's insurance or your personal auto insurance. Then, there's also business insurance. I'm going to focus on business insurance today, its a little more complicated. What we do with business liability insurance is we protect the business itself, the officers and directors and the employees of the business. There are five major coverages you want to think about. First would be premises liability, where you stay. Your business occupies space and they're going to provide liability for that, proxying completed operation. That is what you do. Are you providing a service or a product, products and completed operation provides for that. Then, you're going to talk about personal and advertising injury, this is liable in slander coverage basically. There is tenant fire legal liability and that's for damage that you cause to another's occupied space and medical payment which is basically slip and fall coverage. What is liability not intended to cover? Well, general liability coverage is not intended to cover your mistakes as a business. That's professional liability coverage and you can purchase that elsewhere or ask your broker. Couple things to consider when you're looking at a liability policy for a business. Number one to look at the exclusions. Exclusions are the rules that an insurance carries sets aside to say when they are and are not going to pay for a liability claim. Exclusions are crucial and they can make or break your business. Number two, look at the provisions in the policy that allows for what kind of work you can do. If something's excluded or if you can't provide the, the wording that a contract requires, you could be in trouble there as well. Get the broadest of form you can. Look at deductibles as well. General liability policies generally shouldn't have a deductible. And if they do, look for the lowest possible that you can. Professional liability is another coverage that you can purchase and that may have a deductible. Then finally, look for an A rated carrier when you can. Insurance is too competitively price right now to not be looking at A rated carriers. Check with your insurance broker, they should be able to help you out. I'm David Sumpter, Commercial Insurance Specialist with Wateridge Insurance.

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