Accidents happen. If someone is injured in your home or at your place of business in Maryland, you can be held accountable for their incurred expenses if it can be shown that you or your business are at fault. This is why premises liability insurance is so important.
You can learn more about premises liability insurance by speaking with a local independent insurance agent. These agents can help you be certain that you are sufficiently covered and that you are getting your coverage at a competitive price. Find an insurance agent near you to get started.
What Are Premises Liability Laws in Maryland?
Maryland state law requires property owners to do what is reasonable to keep their properties safe.
If an owner or operator of a property fails to meet this requirement and someone is injured on their property, Maryland’s premises liability law makes the person or company that owns or is in possession of the property cover the injured person's medical treatments and losses.
What Is Premises Liability Insurance?
Premises liability insurance is designed to protect property owners and operators if someone is injured in an accident on their property, and this accident can be attributed to negligence in respect to ownership or failure to properly maintain the property.
This insurance can cover legal defense fees, court costs, settlement costs, court-ordered judgements, and other expenses related to these injuries.
How Much Does Premises Liability Insurance Cost in Maryland?
Premises liability insurance is rarely purchase on its own. Typically, this coverage is included as part of your homeowners liability insurance or your business’s commercial general liability insurance.
Here are factors that insurance companies will take into consideration.
- The type of property you are insuring (home, business, vacant building, etc.
- The size of your property in square feet
- The amount of foot-traffic your property experiences
- Whether your property includes any potentially hazardous features such as an escalator, elevator, swimming pool, trampoline, or amusement rides
- Your claims history
To find out how much premises liability insurance will cost for your property in Maryland, you can consult a local independent agent who can obtain a variety of customized quotes to help you find the coverage you need at a price you can afford.
What Does Premises Liability Insurance Cover?
Premises liability insurance can cover the costs associated with third-party injuries in your home, place of business, or other properties for which you have ownership or control.
Examples of the types of injuries or accidents this insurance can cover include the following.
- Dog bites
- Slip-and-fall injuries
- Injuries caused by snow/ice accumulation
- Injuries that occur on elevators or escalators
- Injuries that can be attributed to poor maintenance of public areas
- Burns and other injuries caused by fires on the premises
- Injuries or property damage caused by water leaks or flooding on the premises
- Illnesses caused by exposure to toxic fumes or chemicals on the premises
- Injuries that occur at swimming pools or amusement parks
For the most part, if a visitor, guest, or other non-trespassing third-party individual is injured on your property and you or your business can be held accountable, your premises liability insurance can provide coverage.
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What Does Premises Liability Insurance Not Cover?
As with any kind of insurance policies, premises liability has some exclusions. For instance, you can expect your policy to deny claims involving the following.
- Damage to your personal property or commercial property that occurs on your premises, such as may happen in the event of a fire or water leak.
- Injuries to members of your household, if you are filing the claim on your homeowners liability insurance.
- Injuries to your employees if filing on your commercial premises liability policy. These injuries need to be covered by workers’ compensation insurance.
- Injuries sustained by trespassers on your property.
You can talk to a local independent insurance agent to learn more about the limitations of premises liability insurance.
Do You Need Premises Liability Insurance if You Rent Your Property?
Some people may wonder if they need premises liability insurance if they rent their home or business space. Oftentimes, the terms of who is liable for injuries that occur on the property are spelled out in the lease. Other times, both entities may share responsibility for liability lawsuits.
Conversely, the reverse is also true. If you own property that you rent out to others, unless you explicitly state otherwise in the lease agreement, you will likely share liability risks if someone is injured on that property.
How Can You Find the Best Premises Liability Insurance in Maryland?
Local independent insurance agents can help you be certain that you are suitably protected against potential liabilities if someone is injured on your property. They can also ensure that you are getting your coverage at a reasonable price.
There are more than 200 independent agents with offices in Maryland. Talk to an insurance agent near you to learn more.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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