Indiana has roughly 512,348 small businesses. If you own personal or commercial property, adequate coverage is needed. Premises liability insurance will protect your most expensive assets.
An independent insurance agent can help. They will have access to multiple carriers so that you get the best coverage and rates in town. Connect with a local adviser for more details.
What Is Premises Liability?
Your personal or commercial structure will need protection for replacement or repair in Indiana, but what about liability? If someone gets injured on your property, you'll be responsible. Premises liability can help pay the bill when a loss occurs.
- Premises liability insurance: Pays for losses arising out of bodily injury and property damage that occur on your premises. This can be due to hazards or negligence on your end.
What Does Premises Liability Insurance Cover?
It is important to know what your premises liability insurance will cover in Indiana. Many losses could wipe you out financially. To protect your livelihood, review your coverages. Check out what your premises liability policy will protect against.
- Bodily injury coverage due to an accident
- Bodily injury coverage due to the owner's negligence
- Bodily injury coverage for a trespasser
- Bodily injury coverage for a customer
- Bodily injury coverage for a guest or friend
What Does Premises Liability Insurance Not Cover?
Like any commercial insurance or personal policy, there will be exclusions. This is because the carrier won't cover every potential risk. If they did, they couldn't sustain the expense. Some standard exclusions for premises liability insurance in Indiana are the following.
- Employee injuries: This would fall under workers' compensation insurance.
- Intentional damage: If you intentionally damage your own business property, there is no coverage under this policy or any other policy for that matter.
- Medical malpractice injuries: If you are a physician and injure a party medically, this would not fall under premises liability. Instead, you would need a medical malpractice policy.
Commercial Premises Liability Insurance
You'll be able to have premises liability insurance in your other commercial insurance policies. Normally your general liability, package, or business owners policy will include this coverage. Many claims could arise on your premises that need to be accounted for when you operate a business. Some examples of potential lawsuits are as follows.
- Not covering up a hole on your premises
- Leaving dangerous equipment out in the open
- Not securing your property adequately
- Having unrestricted access to the public
- Not displaying cautionary signs and warnings
- Leaving hazardous materials unattended
- No fencing
- No sprinkler system for a fire
- Not mending broken structures or property
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Premises Liability Insurance vs. General Liability
Your Indiana general liability insurance will be different from your premises liability. They typically work together on the same policy but cover other parts of a loss. Check out the contrasts below.
General liability: Pays for bodily injury, property damage, libel or slander claims arising out of the business's operation. These occurrences may not have been preventable. General liability policies include coverage for premises liability, such as slips and falls.
Premises Liability: Pays for negligence on the property owner's part. These claims are usually preventable and often just overlooked.
In conclusion, general liability is a more comprehensive policy that includes premises liability coverage. If you get a stand-alone premises liability policy, you could be missing out on other vital insurances. Review your protection with a licensed adviser for accuracy.
Premises Liability Insurance Cost
In Indiana, the average annual homeowners insurance cost is $1,000. If you own a commercial property, that price will only increase. While there's no way to know your exact pricing without a quote, you can understand how it's figured. Take a look at what carriers use to determine your premiums.
- Square footage
- Property updates
- Safety precautions taken
- Age of building
- Prior claims
- Experience in owning a property
- Replacement cost of said property
Premise Liability Settlements
When you have a premises liability loss in Indiana, you'll have some legal options. It will depend on the claim and what is agreed upon by both legal teams. You'll either have to go to court or settle beforehand. When you settle, your carrier usually ends up paying less, and this is the preferred method most of the time. Some of the most common premises liability occurrences are listed below.
- Slip and falls
- Snow and ice accidents
- Defective premises conditions
- Poor maintenance of the premises
- Injury or assault due to lack of security
- Elevator and escalator accidents
- Swimming pool accidents
- Dog bites
How to Connect with an Indiana Independent Agent
Business and personal insurance in Indiana can be confusing if you're not a licensed professional. A premises liability policy will help protect your most valuable assets. When you're trying to find coverage for an affordable price, consider using a trained professional.
An independent insurance agent has access to several carriers so that you get options. They will do the shopping on your behalf at no cost, making it a no-brainer. Connect with a local expert on TrustedChoice.com to get tailored quotes today.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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