Accidents happen. If someone is injured at your place of business, your company may be held responsible for covering their medical treatments, lost wages, and other damage. That is why premises liability insurance is so important.
You can get information about premises liability insurance by speaking with a local independent insurance agent. These agents can help you be certain that your business is sufficiently covered and that you are getting your coverage at a competitive price. Find an insurance agent near you to learn more.
What Are Premises Liability Laws in Mississippi?
In 2019, the Mississippi state legislature passed the Landowners Protection Act (Bill 2901). This bill limits the liability of land and business owners if someone is injured on their property.
This law makes it so that business owners, homeowners, and other property owners are responsible for third-party injures on their premises only if negligence on their part is to blame. This was considered a win for business owners as it reduced their likelihood of facing a premises liability lawsuit.
However, if an owner or operator of a property is shown to have been negligent or in some way to have impelled an accident or injury to occur, they are responsible for covering all third-party medical treatments and associated financial losses.
What Is Premises Liability Insurance?
Premises liability insurance is a component of your commercial general liability (CGL) insurance.
A standard part of every business insurance policy, premises liability insurance is designed to protect property owners and operators if someone is injured in an accident on their property or premises and the accident can be attributed to the company's negligence.
This insurance can cover your business's financial obligations including legal defense fees, court costs, settlement costs, court-ordered judgements, and other expenses related to the incident.
How Much Does Premises Liability Insurance Cost in Mississippi?
Premises liability insurance is rarely purchased on its own. Typically, this coverage is included as part of your business’s commercial general liability insurance. Factors that can influence how much your coverage will cost include the following.
- The type of business you are insuring
- The size of your property in square feet
- The amount of foot-traffic your property experiences
- Whether your property includes any hazardous features such as an escalator, elevator, swimming pool, or amusement rides
- Your company’s claims history
When shopping for any insurance policy, it is beneficial to compare customized quotes from a few competing insurers to make certain that the policy you are purchasing is offered at a reasonable price.
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What Does Premises Liability Insurance Cover?
Premises liability insurance can cover the costs associated with third-party injuries at your place of business or other properties for which you have ownership or control.
Here are examples of the types of injuries or accidents this insurance can cover.
- Slip-and-fall injuries
- Injuries that occur on elevators or escalators
- Injuries that can be attributed to poor maintenance and upkeep of public areas
- Burns and other injuries caused by fires
- Injuries or property damage caused by water leaks or flooding on the premises
- Third-party illnesses caused by exposure to toxic fumes, chemicals, or substances on the premises
- Injuries that occur in swimming pools
- Injuries caused by amusement rides
- Dog bites and other injuries caused by animals
In most cases, if a visitor, guest, or other non-trespassing third-party individual is injured on your business property and your business can be held responsible, your premises liability insurance can provide coverage.
What Does Premises Liability Insurance Not Cover?
As with any kind of insurance policies, premises liability has some limitations on what it will cover. For instance, your policy will not cover these issues.
- Damage to your commercial property that occurred due to an accident on your premises. This is covered by commercial property insurance.
- Injuries sustained by you or your employees in an accident on your business premises. On-the-job injuries need to be covered by workers’ compensation insurance.
- Injuries sustained by trespassers on your property. Trespassers will find it extremely difficult to sue your business for injuries incurred.
The good news is that most of what premises liability insurance will not pay for can be covered by other insurance policies.
Do You Need Premises Liability Insurance if You Rent Your Property?
You may wonder if you need premises liability insurance if you rent your business space. After all, you are not the property owner.
In some cases, the terms of who is liable for injuries that occur on the property will be spelled out in your lease. Other times, both you and your landlord may share responsibility for liability lawsuits.
If you are a landlord, the reverse is also true. If you rent out commercial space to others, unless you have explicitly stated otherwise in the lease agreement, you will likely share the liability costs if someone is injured on the property.
Why Work with an Independent Insurance Agent in Mississippi?
As a business owner, you can benefit from working with a local independent insurance agent. These agents can help you be certain that your company is suitably protected against all potential liabilities. They can also ensure that you are getting all your coverage at a reasonable price.
There are more than 200 independent agents with offices in Mississippi. Set up an obligation-free consultation with an insurance agent near you to learn more about premises liability insurance and other products that may be of value to your business.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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