In Kentucky, $4,661,744,000 in commercial insurance claims were paid in 2019. When you own a property or land, you are at risk. Fortunately, premises liability insurance can help protect your investment.
An independent insurance agent has access to multiple markets. This will save you both time and money. Connect with a local expert to get customized quotes.
What Is Premises Liability Insurance?
In Kentucky, if you own a structure or a piece of land, premises liability insurance is necessary. Whether personally or commercially owned, there is a policy that can help. Your homeowners policy, business owners policy, or general liability insurance can include premises coverage.
Since you are the property owner, you become legally responsible for anything that goes on there. Premises liability will cover your negligence in most cases. This is because most occurrences happen on unmaintained properties.
What Does Premises Liability Insurance Cover?
Kentucky's liability insurance for your premises is pretty standard. Again, coverage may already be included in your other package policies, such as homeowners insurance or your business owners policy. 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 Doesn't Premises Liability Insurance Cover?
Every policy will come with a list of exclusions. No insurance is all-encompassing. Premises liability insurance is no different. Some standard exclusions for premises liability insurance in Kentucky are:
- Employee injuries: This would fall under worker's 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 cause a medical injury to someone, this would not fall under premises liability. Instead, you would need a medical malpractice policy.
Commercial Premises Liability Insurance
When you own a business property, your premises liability insurance is essential. Protection for your investment can mean the difference between losing your business or having insurance foot the bill. Check out some examples of these potential lawsuits:
- Not covering up a hole on your premises
- Leaving dangerous equipment out in the open
- Not securing your property adequately
- Having unrestricted access by 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
Premises Liability Insurance vs. General Liability Insurance
In Kentucky, premises liability insurance and general liability insurance are different. While one can be included in the other, you'll need to know how they both can apply. Check out the contrast between these two business policies below:
- General liability: Pays for bodily injury, property damage, 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.
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 insurance. Review your protection with a licensed adviser for accuracy.
Premises Liability Insurance Cost
In Kentucky, homeowners insurance costs an average of $1,109 annually. Your commercial property could be lower or higher than this figure, depending on the asset itself. Your exact pricing can only be obtained by running quotes with a professional. Before you take that route, it's essential to understand how your rates are set. 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 the property
Premises Liability Settlements
Many Kentucky personal injury claims can be classified as premises liability cases. When a loss occurs, your business coverage will help pay for legal fees. If you decide to settle, then your insurance company will handle the payout. Settlements are often reached outside the courts to avoid extensive legal battles. Some of the most common premises liability occurrences are below:
- Slips 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 a Kentucky Independent Agent
Kentucky premises liability insurance can be obtained in numerous ways. Since coverage options can be confusing, it may be best to use a professional. Whether you own personal or commercial property, you'll want protection.
Fortunately, an independent insurance agent can help. They work on your behalf by shopping with the best carriers in town. Connect with a local expert on TrustedChoice for affordable pricing.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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