General Liability Insurance Definitions

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General liability insurance operates in a very particular way that you're going to want to be familiar with. Learn about general liability insurance definitions 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 general liability definitions. When you open up your liability insurance policy you look and you see a lot of words and a lot of numbers but you may not understand truly what they mean. Let's talk about the five major coverages that a general liability policy provides. There is premises liability which is for the space that you occupy, products and completed operations which is what your business does, personal and advertising injury which is liable and slander coverage, tenant legal liability which is if you occupy a space and rent it it's the damage that you can cause to it and medical payments. One other thing you want to look at is the type of insurance policy form that you have. General liability policies are typically either occurrence form or claims form. This is a little complicated. You're going to want to talk to your insurance broker about it but it talks about when a claim can be made and if coverage is going to be provided. Finally make sure you look at the exclusions in your policy. The exclusions are the rules that the insurance carrier sets. If they exclude something, you have no coverage. So make sure you and your brother sit down and talk about what it is you do and make sure what you do isn't excluded. I'm David Sumpter, commercial insurance specialist with Wateridge Insurance.

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