Missouri General Liability Insurance

Imagine you recently purchased new decorations for your office, either a wall hanging or a decorative space rug. You have a new customer or sales representative coming into your office. This new decorative piece is in the reception area and because it is new it has not yet been fully nailed to the wall or the new rug is not laying completely flat. Maybe it is winter time and you have not been able to get the ice or snow off the walk way or the awning.

After the customer leaves unhappy or sales representative was unsuccessful in his sales, he turned to exit the building. In doing so, his shoe just happened to catch on the upturned corner of the new rug or he slams the door and the decorative pieces falls. He falls to the floor breaking a bone or the decorative items hits him in the head giving him a concussion. Maybe he slips on the ice when leaving in a hurry and falls injuring his leg or the ice or snow falls on him while he is walking under the awning.

Not too long after the incident occurs, a letter comes in the mail. Apparently, your company is being sued for the man's medical bills and the expense of his property that was damaged in the incident. After the case was heard by the court, the ruling was in favor of the customer or the sales representative and your company now has to pay for all the medical cost, legal expense and damages to his property.

The cost of the medical bills, settlement and court costs adds up to be quite a substantial amount. In fact, it could be enough to force your business to close your doors for good. Fortunately, that is not the way it happened.

When you started our business, one of the first decision you made was General Liability Insurance. Therefore, when the claim was made all of the expenses were covered by the policy and the company was able to continue to conduct business as usual without a hitch.

It Is Important To Be Prepared

It does not matter how prepared or how careful you are as business owner, every business has the chance or exposure to an injury of others while on your premise or another persons property being damaged while in the course of your day to day operations. With a Business Liability Insurance policy in place, in the event of an accident occurring at your business premise your company will have financial protection from the expensive legal case as well as the settlement. Therefore, you will be able to keep your operations going and not have to close your business doors to cover the cost.

Even if the lawsuit turns out to be a sham, you can still count on your insurance policy to protect your business. This is good news for every business owner. Even when there is not a settlement or judgment to pay, the cost of your defense can be quite high. Without the right General Liability Insurance policy effectively in place, just paying to defend yourself in a fraudulent claim can be enough to put you out of business in a hurry.

What is General Liability Coverage

Business Liability Insurance comes into play when your company is faced with a legal case due to an alleged claim of property damage or bodily injury. For example, a customer, sales representative or other third party may claim that your company is responsible for one of the following incidents:

  • Creating an environment that is not safe, resulting in someone being injured
  • Personal property damage
  • An injury that was allegedly caused by you or someone in your employment

It is important to point out that most Business Liability Insurance policy will protect your company against liability claims brought against the business as a whole, in addition to the claims that are brought against any individuals on the behalf of the company. When a lawsuit launches, the insurance policy that you carry may cover the cost of defending you against the claims as well as the cost of any related investigations that are required. This includes the cost of witness fees, attorney fees, court fees and other legal expenses. This coverage can be included in the policy limits or it can be in addition to the policy limits shown in the declarations pages of your policy.

Coverage Details

A business liability policy will protect your company against the costs of property damage, injuries and lawsuits against it. When considering the type of liability coverage you need to purchase, it is important to know your options. Some of the most common types of Business Liability Insurance available include the following:

  • Bodily injury coverage protects you against claims where your business is found responsible for the injury or death of a third party
  • Property damage coverage will protect you against claims that the actions of your business are responsible for damage to property that belongs to a third party
  • Completed products coverage will protect you against claims of illness, injury or property damage related to the use of your products or services
  • Contracted liability coverage will protect you when your company enters into certain contract types
  • Advertising and personal injury coverage will protect you against claims that non-physical damages to a person or entity, such as slander or libel or other such claims were caused by your company
  • Liquor liability coverage will protect your business if you sell alcoholic beverages against claims of injury, illness or property damage related to the consumption of alcohol that you served.
  • Medical expenses coverage will protect you against claims that your company is responsible for medical expenses that were incurred by a third party.

At Capstone Insurors we strive to make certain that you not only have the right coverage, but also understand your policy as well. We will help you identify your risks and make sure your business is adequately protected. Fill out the quote form today for more information.