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.
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.
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:
Stores, Shopping malls, and other commercial properties where customers and clients regularly visit.
Companies that operate in office spaces, particularly those that frequently host clients, vendors, or other visitors.
Landlords and property managers who rend out residential units, including apartment buildings, single-family homes, and condominiums.
Owners and operators of spaces used for public events, such as theaters, concert halls, and convention centers.
Hotels, restaurants, and other establishments that provide accommodations or services to guests
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.
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.
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.
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.
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
If you want to get an exact cost for an Owner Controlled Insurance Program, we encourage you to get quotes now from our experienced agents.
Our experienced agents are well versed in the complexities of this type of insurance coverage. 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:
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