What type of coverage can we help you with?

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One of those “insurance words” that gets tossed around a lot is “liability.” Generally, liability means being responsible for something. Because it’s important to us that our customers understand the terms that we’re using, in this piece, we’re going to explain what liability insurance is and why you should always have it.

What is Liability Insurance?

According to Investopedia, liability insurance is “insurance that provides protection against claims resulting from injuries or damage to people and/or property.” Basically, when someone is hurt or damage is done to someone’s property because of you (even if it is indirectly), liability insurance may respond to help you cover the costs. There are many types of liability, but for the purpose of this article, we’ll address general, personal, and auto.

Examples of Liability Insurance in Bloomington, IL

General Liability Insurance

Liability insurance is especially important for businesses that have customers who may get injured on their property or by the product they sell. Let’s say that you have a customer come into your place of business and he or she trips on the damaged corner of a rug.  The business could be responsible for the injured customer’s Bodily Injury. If your business designs or manufactures products, and the product injures a buyer, the Products and Completed Operations coverage may provide bodily injury coverage for the buyer. If you are a contractor who accidentally punctures a water line while nailing something to a wall, General Liability would cover the damage caused by the water leakage.  

Sometimes, small businesses will forego coverage in order to save money, or they have received bad advice from an insurance agent,  but those same small businesses are the ones that would hurt the most if something happens. No matter how small you are or how close you are with your customers, if one of them is injured he or she could sue you.  General Liability protects you, and your business.

Personal Liability Insurance

Personal liability protects you and other insureds on the policy, most often a Homeowners policy.  For example, you install a playground in your backyard. Your son’s or daughter’s classmate comes to your home after school to play.  He or she is injured because the gym was not constructed properly. Your personal liability may pay for the bodily injury. A growing issue in today’s environment is Cyber Bullying.  If your child cyber bullies another student, you, the parent, may be sued. In that case, some, but not all, Homeowners policies will respond with coverage. Be sure your policy has coverage for Personal Injury.   

Auto Liability Insurance

Auto Liability is mandatory in every state.  The liability limits on your policy will looks something like this; Bodily Injury $100,000 per person/$300,000 per accident/$100,000 Property Damage. Each State determines their own minimum limits of liability.  At PLR Insurance, we do not believe the state minimum limits are adequate and always recommend higher limits. The minimum limits we will write are $100,000/$300,000/$100,000.

Often, prospective clients will bring us their current policies from other agents.  If their limits are below our minimum limits, we explain to the client why higher limits are advisable.

It’s key that you make sure that you not only have coverage, but have the right coverage.

Buy Liability Insurance in Bloomington

At PLR, we believe that no two people’s insurance needs are the same. That’s why we start every new relationship with a conversation. If you’re ready to explore your options, use one of the forms below and one of our dedicated agents will get in touch.

General Liability Insurance

Auto Insurance with Liability Coverage

 
Posted 7:00 PM

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