Glendale Business Liability Insurance

Glendale business liability insurance will protect your company from third-party claims. If you are sued or held legally liable for mistakes made by your company, your business liability insurance will pay all legal fees and potential settlement costs or damages. Part of your risk strategy will be to limit potential liability claims, but you can't entirely eliminate them.

There are two types of liability policies: claims made or occurrence policies. The type of Arizona insurance policy you need will depend on your industry, and you risk assessment. When you're considering the difference between a claims made an occurrence policy, it may help you to talk to a Glendale business liability insurance agent about your potential risks and your options.

General Liability Insurance

Your basic Glendale business liability insurance policy will protect you from claims related to personal injury, advertising injury and property damage. A personal injury claim may be related to an emotional or bodily injury. For example, if a person slips on your Glendale office staircase, he or she may bring a personal injury claim against you. Whether or not your business is responsible for his or her fall, you need to have business liability insurance to protect you.

Claims related to property damage occur when your Glendale business harms another person's property. Unlike personal injury, which involves a person, property damage involves an item or property. Advertising injury is perhaps the most complicated claim of them all. Don't worry, if you've never heard of advertising injury, you're not alone!

An advertising injury claim will usually come from a competitor of your Glendale business. This claim typically comes about if your company's advertising damages another company. These claims may be related to copyright infringement or libel. The part that's complicated is defining whether or not the claim is actually related to advertising. Advertising may be any positive statement made on behalf of the company, but it depends on the Arizona courtroom.

If you're very lucky, you only need a basic Glendale business liability insurance policy to cover your company. However, most businesses will require some kind of additional coverage. First of all, you almost certainly need property insurance. Your Glendale business liability insurance will cover you for claims related to property damage, but it won't cover the property damage itself.

So, you need property insurance to protect your Glendale, AZ business in the case of a natural disaster. There are several other kinds of insurance you may need, depending on the activity of your Arizona company. For example, if you're manufacturing or selling a product, you need a policy to cover liability claims related to the product.

Your Glendale business liability insurance policy won't cover you for claims related to your product. Furthermore, it won't cover you for professional negligence claims. So, if your Glendale company activity involves offering advice, or anything which are professional ability may come into question, you need malpractice.

There are number of other policy may need to consider. For example, if you're opening a bar or liquor store in Glendale, AZ, you need to have a policy to protect you from liquor related claims. If there's any potential that your company may pollute the environment, you need to have a particular policy for those claims as well.

Claims Made or Occurrence?

A claims made Glendale business liability insurance policy is only active during the time you pay for it. An occurrence policy, on the other hand, is active for many years after you stop paying for it, and it will protect you for any incident related to the time you were insured. The basic difference is quite simple, but there are more subtle differences which can become rather confusing.

So, say you build a playground in Arizona, and 10 years after that you retire. In 15 years, a parent decides that your playground design is dangerous, and brings a lawsuit against you. If you were insured with an occurrence policy at the time you built the house, you're still covered. If you had a claims made policy, on the other hand, you'll find yourself facing a lawsuit without Glendale business liability insurance.

Obviously, an occurrence policy probably sounds like the better choice. However, occurrence policies are much more expensive and aren't available for every industry. Furthermore, occurrence policies don't adjust for inflation, which can be a concern. Another option is to purchase tail coverage when your claims made policy ends, but that can be pretty expensive as well.

If you are not sure whether to purchase the claims made or an occurrence policy, it's important to talk to a Glendale business liability insurance agent. An experienced agent can give you a good idea about what policy is right for you and your industry. Don't hesitate to consult a professional on this important choice.

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