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Important Terms to Know About Liability Insurance
People should purchase liability insurance for protection against third party claims. Often called errors and omissions insurance, liability insurance protects small businesses and commercial businesses from risk. You can purchase this type of insurance through your insurance agent. Whether you’re a large or small business, choosing general liability insurance is a wise move. It’s also wise to consider liability insurance if your industry or profession is considered high risk. Get a quote on your coverage today from a broker. Here are some important terms to consider when getting liability insurance.

Indemnity: An amount paid from one person or business to another in the way of compensation for loss. This payout can come in the form of cash payments, repairs, replacement or reinstatement.

Bodily Injury and Property Damage Liability: Covered losses in this case may include a result of being hurt in a slip and fall at your place of business or property damage to your vehicle while parked at your place of business.

Binder: An agreement, while temporary, that states an insurance policy is in effect. This is to protect the insured party when the policy cannot be endorsed until later.

Exclusion: A restriction within business liability insurance that limits or excludes certain events or properties.

Risk Management: The process of identifying, measuring and controlling risks that may threaten a business’s assets.

Subrogation: The right of an insurance company to seek out legal action in a policyholder’s name against a responsible party who is liable for loss or damage.

Grace Period: A short period of time where insurance coverage continues beyond the policy’s expiration date.

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STANDARD LISTINGS:   INSURANCE-LIABILITY IN/NEAR CLARKSTON
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1218 E Sherman Ave, Coeur D Alene, ID 83814
(208) 651-6208  

If you are an employer looking to protect yourself, liability insurance is a must have. There are common liability options available to the public. It is important to understand your policy and the coverage limits. The following are important questions to ask yourself or your broker before making a decision.

  • What type of business do I have?
    The type of business you own will help determine what liability coverage you should carry. If you have a business in which high volumes of customers are on the premises, you are at a higher risk for a claim. General liability insurance may cover everything that you need.

  • How large is my business?
    The number of employees you have and your customer base will make a difference on what coverage options you want included in your policy. Worker's compensation will protect you from injuries sustained by your employees.

  • Am I at a high risk for malpractice?
    Some professions run a higher risk for malpractice. These professions include lawyers and doctors. If this is the case, speak to a broker or an agent about the options that are available.

  • Can I save money on my insurance policy?
    Insurance companies operate as a business. They determine your rate based on the risk that they will have to pay a claim. If the general public has access to your property, there are minimum coverages that you should carry. You can save money by carrying less coverage, but that runs the potential of a devastating financial loss if something occurs on your property.



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