General Liability and Property

A General Liability and Property insurance policy is one that every small or medium-sized business should own. As a business owner, you probably have several types of insurance. Some are mandatory (such as insurance on your company vehicles) and some are optional. A General Liability and Property policy is just common sense, and we highly recommend that we sit down and discuss the options with you.

As a backdrop to this discussion, keep in mind the litigious nature of the world in which we live. There are more lawsuits today than ever before, and it’s not likely that that will change any time in the near future. The average consumer is much more aware of the potential for bringing a lawsuit, and a business is an easy target because of the perception of “deep pockets”. A judgment entered against you and/or your company can be devastating for your financial future, but you can avoid that risk with a General Liability and Property policy.

One thing to note is that a General Liability and Property policy does not cover you from what are called “professional errors”. For example, let’s say you own a tax preparation service company. A customer has his taxes prepared by you, and you mistakenly miss a 1099 form and leave out a large portion of his taxable income. He has now underpaid his taxes by a large margin. The IRS notices the discrepancy quite a while after he has paid what he thought was the correct amount. Suddenly he has penalties and late fees piling up, and threatening letters from the IRS. The customer trusted your ability to do the job correctly...and because of your mistake, he is now being hounded by the government. He is definitely going to be taking some legal action against you at this point. A General Liability and Property insurance policy will not help here; what you need in that case is called “Errors and Omissions” coverage.

What are the benefits of a General Liability and Property policy? Here are some, with examples:

• Products and Services – You are protected if someone is injured by a product that your company made, or a service that your company provided.
  
• You own a restaurant, and a customer unknowingly orders something that contains peanut oil. The customer has a severe allergic reaction and is hospitalized.
  
• Bodily Injury – This protects you from the cost of medical care and loss of work.
  
• You own a commercial janitorial service and one of your workers has just finished mopping the floor of retail store. Someone slips due to the wet floor, and is injured in the fall.
  
• Damage to Property – You are covered for any damage that is caused by you or your employees to the property of another person.
  
• You are a roofing contractor. Your workers are carrying a load shingles up a ladder, and they accidentally drop them on a car, smashing the windshield. The General Liability and Property policy pays for those repairs.
  
• Product Liability – Protects your business if there is injury claim that occurs as a result of a design or manufacturing defect in a product manufactured or distributed by you.
  
• Miscellaneous – The reasons that someone might sue you or your company are virtually unlimited. With cases being taken on a contingency basis, it costs a consumer nothing to “roll the dice” and see what easy money can be made by filing a lawsuit. Even though it costs them nothing, it can be very expensive for you. With judgments commonly reaching hundreds of thousands of dollars (or even millions), a General Liability and Property Insurance policy is a wise investment.

We offer free quotes. Contact our insurance agency about general liability and property insurance in Sarasota, Bradenton, Venice, Port Charlotte, Parrish, Punta Gorda and North Port, FL.