And why might you need it?
The term “owner liability” covers a range of ownership situations.
Sometimes the term is used to describe a liability policy that protects the interests of homeowners. Sometimes it is used to protect business owners by providing additional liability coverage over and above their standard business insurance policy.
Regardless of the type of ownership in question, the goal of liability insurance is basically the same…
Liability insurance options and special cases
For property owners, it’s important to note that your homeowners policy will outline limits for liability and damages.
The reason for having liability coverage is to provide additional protection above and beyond those limits. This will enable you to meet any costs and damages should anyone suffer an injury or accident while on your property.
Do you have a pool or own a trampoline?
It’s important to check your homeowners policy (or speak with an insurance specialist for an insurance review), as there may be exclusions of coverage for accidents or injury that arise from people using these.
For business owners, liability coverage gets a bit more complicated depending on the type of insurance policies you may already have, such as:
- General Liability Insurance
- Product Liability Insurance
- Professional Liability Insurance
- Commercial Property Insurance
- Home-Based Business Insurance
For commercial property insurance, the issue is whether or not you own the property where your business is located. For most businesses, any claim arising from your ownership of a property would be included in your commercial property policy.
Again, you may want (or need) additional liability coverage based on the nature of your business.
For example, retail businesses may want to get additional coverage to protect against “slip and falls.”
If you rent your space, check to see if your landlord’s policy insures the premises and provides liability protection for you. In cases where you’re not sure, it makes sound financial sense to get a risk assessment by an experienced insurance agent who can help identify possible gaps in coverage.
Additionally, if you own commercial vehicles and have a commercial auto policy, limits of liability will be outlined in that policy as well.
Finally, these days more people are working from home.
If you are self-employed and have a home office, you may need additional coverage.
Why is that?
Because your homeowners policy does not cover or protect you from losses arising from running your business from home.
Depending on your type of business, you may need to add riders to your homeowners’ policy to cover normal business risks such as property damage. Additionally, it may make sense to purchase additional policies to cover other risks, such as general and professional liability.
Does that make sense to you?
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