General Liability - As the name implies this coverage pertains to very broad coverage other than automobile. Protection for injuries or property damage sustained while on your premises, using your products or services, or because of a breach of contract are some of the more customary types of risk this coverage is intended for. This policy can also include many options specific for your type of business (exp: pollution; environmental; underground; professional).
InsureMart Inc offers General Liability policy to cover the premises and operations exposures for its motor carrier customers. General Liability policy provides the following coverage:
- Bodily injury and property damage (other than autos)
- Personal injury and advertising injury liability
- Some medical expenses
- Products and completed operations
- Limited fire legal liability on rented or leased property
- Many contractual liabilities from an "insured contract"
- Erroneous delivery of products
- Host liquor liability
- Garage liability coverage can be added when doing repairs for a charge, such as on owner-operator equipment
Additional coverage options are:
- Employee benefits liability coverages
- Employers liability insurance-stop gap supplement
- Additional insured endorsements
For standard transportation business operations the basic policy is usually sufficient coverage. If your operations include fuel tanks on your premises then it is wise to include a limited form of pollution coverage. For freight forwarders or custom house operations a form of professional liability coverage may be appropriate.
Significant policy conditions are contained within this policy that must be reviewed with your insurance broker to make sure there are no gaps in protecting your operations.
Policy limits run from $300,000 on up; however, the usual policy limit sets each occurrence at $1mm and a policy aggregate of $2mm. Higher limits are available as necessary for your particular need.
General Liability insurance is the first major layer of protection for claims of bodily injury or property damage against your business. General Liability covers you, but it also covers many others involved in your business, such as:
- If you have a joint venture or partnership, all of your partners, members and their spouses are protected if they are sued for something they do in an official capacity related to your business
- If your business is a corporation, your policy covers all of your business executive officers, stockholders and directors while they are acting in their official capacities
- If you have subsidiaries, your policy liability coverage extends to any subsidiary where you own at least 50 percent of the stock
- Your employees are also protected from claims that result from actions they take in their capacity as employees.
- If you have a written agreement to indemnify a person or organization, such as a vendor, that person or organization would be protected against liability claims for property damage or bodily injury as a result of selling or distributing your products
- Anyone legally associated with your business, including volunteers working under your direction, are covered for liabilities that result from the work they do for you, and for the use or maintenance of your property that is in their care
General Aggregate - limit that will be paid during any one policy period.
Occurrence - limit for the sum of damages and medical expenses because of all bodily injury and property damages arising out of any one occurrence.
Products & Completed Operations Aggregate - limit for damages because of bodily injury and property damage.
Personal & Advertising Injury - limit for the sum of all damages because of all personal and advertising injury sustained by any one person or organization.
Damage to Rented Premises - limit for damages because of property damage to any one premises while rented to you, or in the case of fire, while rented to you or occupied by you with permission of the owner.
Medical Expenses - limit for all medical expenses because of bodily injury sustained by any one person.
There are four main ways to rate General Liability:
- Trucker’s Payroll
- Gross Receipts
- Number of Units
- Area (square feet)
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*Coverages may vary by state and by insured business. Consult your InsureMart Inc. agent about coverages you may need for your unique situation. Coverage descriptions above are for general information only. Actual coverage is subject to all terms, conditions and exclusions of the policy.