Premises Liability Coverage
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Premises Liability Coverage
Whether you own a small shop or run a big commercial building, premises liability insurance is vital to protect your business against risks such as accidents and damage.
What Is Premises Liability Insurance?
Premises liability insurance protects property owners from legal claims resulting from accidents on their property. It covers incidents like slip and fall accidents, injuries from faulty equipment, and harm due to inadequate security.
This coverage is essential for protecting your business's reputation and mitigating financial losses from claims made by customers or other non-employees injured on your property.
Who Needs Premises Liability Insurance?
Premises liability insurance is essential for any individual or entity that owns, leases, or manages property accessible to the public or third parties. This includes a wide range of property types such as:
Duty of Care & Premises Liability Insurance
Duty of care is fundamental to premises liability insurance. It dictates a property owner's legal responsibility to maintain a safe environment for visitors. A certain level of care is required for invitees and licensees.
Invitees: Includes customers or clients, enter a property for business purposes with the owner’s permission. Property owners owe them the highest duty of care, which involves regular inspections and proactive measures to ensure safety..
Licensees: Includes social guests or delivery personnel, enter a property with permission for non-business reasons. Although the duty of care is lower than for invitees, property owners must protect them from known hazards.
Premises Liability Vs. General Liability
While both premises liability and general liability insurance provide coverage for legal claims related to injuries and accidents, they differ in scope and application.
While general liability insurance provides a broader range of coverage, premises liability insurance offers more targeted protection for property owners explicitly concerned with risks associated with their physical premises. Personal liability claims are related to a person's individual actions rather than the condition of a property.
Premises Liability Insurance
- Specifically designed to cover incidents on the property. It focuses on injuries or accidents resulting from the property's condition, such as slip and fall accidents, structural defects, or hazards like ice and snow.
General Liability Insurance
- Offers broader coverage that includes not only premises-related claims but also other types of liability exposures, such as product liability, advertising injuries, and professional negligence.
Premises Liability Costs
The cost of premises liability insurance can vary widely depending on several factors, including the type and size of the property, its location, the nature of business conducted on the premises, and level of foot traffic.
Average Costs & Coverage
- For small businesses, the average monthly cost is between $50 and $150, while annual costs are between $600 to $1,800 per year. Coverage is usually up to $1 million.
- Medium-sized businesses might pay between $150 and $500 per month, while annual costs are between $1,800 to $5,800 per year. Coverage is usually up to $2 million.
- Large businesses could see costs ranging from $600 to $1,500 monthly, while annual costs will range between $6,000 to $18,000 per year. Coverage usually ranges up to $5 million.
Get Premises Liability Quotes
If you want to get an exact cost for Premises Liability Insurance, we encourage you to get quotes now from our experienced agents.
Our experienced agents are well versed in all types of properties. After understanding your construction project, our agents can usually reduce policy prices through additional discounts of 10% to 15% from the instant quotes you receive.
We provide the finest comprehensive plans for your business by providing:
- Knowledgeable, licensed insurance agents
- Same-day coverage in most instances
- Coverage from A-rated insurance companies
- Ability to offer policies nationwide
- The lowest price for the best Insurance coverage in the industry
