South Dakota has 86,550 small businesses and counting. If you're trying to protect what matters most, reviewing with a professional can help. Premises liability insurance will save your finances from a loss.
Fortunately, an independent insurance agent works with several markets so that you're always getting the best policy for a low price. They will make do the comparison shopping for you at zero cost. Get connected with a local expert to start saving today.
What Is Premises Liability Insurance?
Premises liability insurance in South Dakota can be found through a trusted adviser. It will protect your business or home from a loss involving injury or property damage.
- 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 part.
What Does Premises Liability Insurance Cover in South Dakota?
In South Dakota, your insurance policies are vital to running a smooth operation. From commercial auto to workers' compensation and everything in between, your coverage will insure different things. 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 In South Dakota?
It's key to know what your South Dakota premises liability insurance won't cover. Every policy for your business coverage will come with a list of items that won't be included. Some standard exclusions to premises liability insurance in South Dakota are:
- 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
Your package or business owners policies will have coverage for premises liability. The carriers do this so your claims can be paid effectively and give your South Dakota business a comprehensive approach. 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
- Allowing 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
In South Dakota, your general liability is different from your premises liability. If you want adequate protection for a claim, both are necessary. Check out the contrasts 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 coverages. Review your protection with a licensed adviser for accuracy.
Premises Liability Insurance Cost In South Dakota
Your South Dakota commercial insurance costs will depend on a number of factors. Insurance companies look at your personal data and outside elements when calculating the price. 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 In South Dakota
In South Dakota, $2,227,477,000 in commercial insurance claims were paid in 2019 alone. Carriers want to settle a loss to avoid going to court as much as possible. If both parties agree to a settlement, then it's usually the best course of action. Some of the most common premises liability occurrences are 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 a South Dakota Independent Agent
When you're searching for the perfect coverage in South Dakota, consider using a trusted adviser. Your business is worth protecting accurately. Premises liability insurance can cover your most expensive assets.
An independent insurance agent can help find a policy that won't break the bank. They do the shopping for you, saving time and premium dollars. Get connected with a local expert on TrustedChoice for custom quotes.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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