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General Liability Insurance for Protecting Your Assets

Purchasing Business Liability insurance to protect company assets from a variety of preexisting exposures requires a thoughtful and thorough review of one’s operations to effectively determine the appropriate limits one should carry, along with the overall extent and scope of coverages. At Haughn & Associates (H&A) our approach is to review your Dublin or Columbus-area operation from every angle so that you have a program designed to respond. This includes reviewing unique liability exposures, contractual obligations and responsibilities, current insurance coverages, risk-tolerance level, and areas where mitigating and transferring risk is possible, as well as emerging industry trends.

Commercial General Liability Insurance Steps In

Commercial General Liability insurance provides companies with financial protection from claims of injury, property damage, and negligence related to day-to-day business activities. It provides you with the following expenses:

  • The costs of defending or investigating a suit or claim against you, (e.g. court costs, witness fees, attorney fees, and police report costs).
  • Reasonable expenses incurred when you’re asked to assist in your defense (e.g. income lost while spending a day in court).
  • Judgments or settlements that result from covered lawsuits

What’s Covered in a General Liability Policy

General Liability insurance typically includes several key coverages:

  • Bodily Injury: Pays for medical care costs, loss of services, and court-awarded compensation for deaths that result from an injury at your premises or as a result of your business activities.
  • Property Damage: Compensates third parties for physical damage to or loss of their property.
  • Products-Completed Operations: Provides protection for services or products completed by your company. For example, if a product you manufacture or provide causes an injury, the policy would pay for any resulting legal expenses as well as damages (up to your policy’s limit).
  • Contractual Liability: Covers liability you might take on when you enter into various contracts, such as easement-of-license agreements, building leases, elevator maintenance agreements, or agreements to indemnify a municipality (if required by ordinance).

Additional Liability Protection

While General Liability insurance provides broad protection, there are exposures that will not be covered and require additional enhancements and policies. Common exceptions include coverages to address pollution liability, professional liability, employment practices exposures, management liability issues, and cyber liability. In discussing your risk profile with you, we will determine which additional coverages make the most sense for you personally in order to fill in the gaps in your liability protection.

To protect against possible catastrophic losses, we recommend that business clients carry Commercial Umbrella insurance. This provides you with an extra layer of protection, which is crucial in today’s litigious landscape where multimillion-dollar lawsuits are unfortunately commonplace. Commercial Umbrella insurance will kick in when a liability claim goes above the aggregate limits of liability on your basic policy limits.

Our Commitment to You

At Haughn & Associates (H&A), our core values and principles of integrity, honesty, dependability, innovation, and collaboration shape who we are and guide us; they ultimately allow our team to provide our clients with high-quality insurance products and an unparalleled level of superior service. Each business, family, and individual is given the personalized attention needed to design the right fit of insurance and risk management protection for your insurance package.