Lexington Business Liability Insurance

Lexington business liability insurance agents can help you find coverage for your small Kentucky company. Viewing Kentucky business liability quotes is essential, since a lawsuit could easily put a small company out of business. Legal fees can be outrageously high, not to mention the cost of the potential damages. Luckily, a Lexington business liability insurance policy has the duty to defend and the duty to indemnify, so you'll be covered.

A basic Lexington business liability insurance policy will protect you from third-party claims related to property damage, personal injury, bodily injury and advertising injury. Don't worry if you've never advertising injury; you're not alone! Actually, the definition of advertising injury varies from state to state and courtroom to courtroom. It's important to understand how your particular policy defines advertising injury.

Furthermore, understanding the exclusions of your Lexington business liability insurance policy is key. A Lexington insurance agent can help clarify the exclusions and limitations of your policy. For example, you should know that your coverage doesn't include commercial vehicles, cases related to liquor, or professional negligence.

Defining Advertising Injury

Advertising injury typically includes claims related to defamation, copyright infringement, and invasion of privacy. Advertising injury has been included in most large Lexington business liability insurance policies and liability insurance for small business practices since the late 80s. Before that time, Lexington, KY businesses had to pay an additional premium for advertising injury coverage.

The problem with advertising injury claims is that you have to prove that it's "advertising". In other words, it has to be a Lexington company's advertising that provokes the claim. How do you define advertising? There's the obvious kind of advertising, such as commercials and magazine ads, then there are much more subtle forms of advertising.

For example, if one of your employees makes a comment in support of your Lexington company, it may be considered advertising. In some cases, any kind of self promotion, or dissemination of promotional information will be considered advertising. Again, it's hard to pin down exactly what advertising is, and it varies from case to case.

You're most likely to get advertising injury claims from your competitors. Your Lexington business liability insurance will protect you from these claims, but it will not protect you if the claims are made by your customers or clients. Furthermore, if your employee brings an advertising injury claim against the company, you're not protected.

Basically, in order for a claim to be considered advertising injury, an attorney needs to prove that it's actually related to advertising. So, you should ask your Lexington insurance agent help you clarify how your policy defines advertising. Also, you should note that your Kentucky insurer will not cover you if you are intentionally making false claims, or if you lie, cheat, or breach a contract.

Liability Policy Exclusions

Your basic Lexington business liability insurance policy has a long list of exclusions. For example, if your KY business manufactures or sells a product, you need what is called product liability insurance. Your basic coverage will not protect you from claims related to your product. So, if someone sues you when an oven you built malfunctions, you'd better have this coverage. Luckily, it will be less expensive to insure a product that's considered relatively harmless, like clothing.

Furthermore, if your Lexington business involves giving advice, or any other field in which you may be professionally liable, you may need malpractice coverage. People may assume that malpractice is only for attorneys and doctors, but many Kentucky professionals actually have this coverage. If it's possible that you could be professionally liable, you should definitely get malpractice insurance.

Also, if your business involves serving liquor, you probably need a liquor liability policy. If your business involves driving, you probably need a commercial liability policy. Also, if you have employees, you may want to consider employee practices liability insurance. If any of your employee sues you, say for wrongful termination or harassment, you need to have EPLI to cover you.

You may also need additional policies, depending on your industry. For example, if there's any chance that your company may pollute the environment, you may need an insurance policy related to claims regarding pollution. The best way to figure out what kind of protection you need is to consult a Lexington business liability insurance agent. He or she will have good ideas about how you can effectively insure your company.

Furthermore, it's important that you understand the following: your Lexington business liability insurance policy protects you from claims related to property damage, but it doesn't protect you from your own property damage problems. You need a policy that covers your property in the case of a natural disaster, such as a fire, or a burglary. You need to protect all of your property and your assets, as well as protecting yourself from potential claims.

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