A small under insured personal injury can ruin a business.
You may not have $5,000 to $25,000 on hand and ready to cover one of the most common business accidents.
Here is how a common lease requirement can cost you: The problem lies within the lease terms.
Leases: These documents often specify that parties carry liability insurance covering “Personal Injury”, when in fact what they really require is insurance covering “Bodily Injury” (blood, bruises, broken bones or death).
Problem: You have a client who trips on a floor mat or phone cord. Maybe they slip on the ice, or a wet floor area. You have Personal Injury insurance per the terms of your lease.
The Actual Problem: This lease has ill-advised you to obtain the wrong insurance coverage.
Here is why: Personal Injury and Bodily Injury are not the same thing.Bodily Injury (BI) coverage will compensate customers injured on your business’ property:
- Pay for their medical expenses
- Any related lost income
- Defense costs and damages
- Unintentional libel, slander and copyright infringement.
- Advertising infringement
- Wrongful eviction
As you see, the stipulation in the lease for personal injury insurance does not provide the insurance requirement to protect you from the most common hazard to clients. This leaves you exposed to the number one cause of accidents in your place of business.
"The Best Insurance is No Accident"
The top customer injury is a slip, a trip or a fall.Safety Habits at Work
A policy through Pacific Reliance Insurance – such as a CGL policy (Commercial General Liability) includes both bodily and personal injury. This policy addition to bodily injury provides coverage for the most common type of claim you will experience.
A CGL* policy through PRI protects your assets and protects you from financial ruin if you face liability claims for something that happens as a result of your premises or business operations, caused by your services, or your employees, AKA non-professional or negligent acts, if you are found liable.
PRI will also verify your CGL* policy provides limited coverage for medical payments provided on a no-fault basis.General Liability usually does not cover:
- Costs of damage to your own business property.
Solution: Commercial Property Insurance
- Costs of personal injury claims made by your own employees due to work related incidents.
Solution: Workman’s Comp
- Costs of auto accidents caused by you or your employees while driving for work purposes.
Solution: Commercial Auto Insurance
- Purposefully illegal or malicious acts: no coverage. Insurance covers accidents, not actions made on purpose.