In New Jersey, $13,470,081,000 in commercial insurance claims were paid in 2019. Some of those losses resulted from property claims. Premises liability insurance is necessary when you own a personal or commercial building or land.
Fortunately, an independent insurance agent can help. They have access to several carriers so that you get choices on coverage and premium. Connect with a local expert to start saving today.
What Is Premises Liability?
Premises can be described as structures or pieces of land that are owned by individuals or business entities. Premises liability can fall under your homeowners insurance, as well as a general liability or business owners policy.
As the premises owner, you are legally responsible for any injuries that occur on the property. The majority of losses occur because the premises aren't adequately maintained. Negligence on your end will be covered under this policy.
What Does Premises Liability Insurance Cover?
Your New Jersey property will need some form of premises liability to be protected. To ensure that you are obtaining all the coverage your location needs, you'll have to know what it insures. 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 personal and business policy that you own will have exclusions. Premises liability is no different. Some standard exclusions for premises liability insurance in New Jersey 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
If you own a commercial property, premises liability insurance will protect your asset. It will cover your investment against third-party personal injuries. Here are 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
Your New Jersey premises liability will have some differences from a general liability policy. They are similar but cover different things. Check out the contrasts 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 coverage. Review your protection for accuracy with a licensed adviser.
Premises Liability Insurance Cost
In New Jersey, homeowners insurance costs an average of $1,192 annually. If you own a commercial property, that figure can be much higher. While you won't know your exact costs until a quote is run, you can at least understand what goes into it. 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
Your New Jersey premises liability insurance will pay for legal fees, including settlements. If you settle a claim before it goes to court, your policy will pay out an agreed-upon figure to the injured third party. This can avoid a lengthy battle and is sometimes the best route. Several personal injury losses can be classified as premises liability cases. 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 New Jersey Independent Agent
If you own a property in New Jersey, premises liability is an essential piece of proper coverage. In order to avoid financial ruin, adequate limits of protection are necessary. You can obtain the right policy for your asset through a licensed professional.
An independent insurance agent has access to multiple markets. This gives you more options on policy at an affordable price. Connect with a local adviser on TrustedChoice for quotes.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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