
Premise liability insurance 101
Also known as “slip and fall insurance” premise liability involves personal injury on your property. But an injury doesn’t mean you’re liable. We explain the nuances in this guide.
In today’s litigious business climate, being a small business owner without the protection granted by liability insurance is like going into battle without armor (you just can’t afford to risk it). In addition to shielding you from a liability suit, general liability insurance demonstrates to potential clients that your business is legitimate and safe to work with. Having a Certificate of Insurance (COI) on hand could be the difference between being hired or losing out on the job.
That said, these days, a potential client might also request to be listed on your policy as an Additional Insured. Not sure what that is? We’ve got your answers right here. Let’s do this.
Additional Insured is a status that can be added to any general liability insurance policy that extends coverage to further individual(s) or groups that were not included from the outset. Once an Additional Insured endorsement is made, the parties included will then be granted much of the same protection under the primary insured policy, which would allow them to file a claim should they be sued for an event related to your services.
Typically, the relationship can be boiled down to three parties:
Naturally, you may wonder what the purpose of Additional Insureds might be. Typically, it comes down to one of three reasons:
Examples of business relationships that typically require an Additional Insured include:
So, if a person or entity is added to the policy, what does that mean for them, and what does coverage entail? The scope of coverage is typically limited to an extent, and such limitations are often listed in the insurance policy.
It does not grant the Additional Insured carte blanche freedom (limitless freedom) based on the assumption that they won’t face any liability issues in all matters. Rather, it’s limited to claims that come from work or operations the Named Insured is doing on behalf of the Additional Insured.
For instance, if a contractor hired a painter to help with sections of the home, the contractor would only be insured under the painter’s policy for any claims that might arise from the painting work done on that specific job.
One of the many benefits of using Thimble’s Small Business Insurance is that adding Additional Insureds is totally free. And, adding them to your existing policy is incredibly easy to do. It can be done during the initial purchase stage or after you’ve already begun coverage.
In a world where it’s practically impossible to distinguish one insurance provider from the next, Thimble shines bright. Whether you need a general liability or professional liability insurance policy for your business, Thimble’s on-demand coverage offers businesses protection in an affordable, flexible, totally new way.
It’s a newer type of insurance that works when you do. Get covered by the hour, day, or month, and save when you’re done with the job. On top of providing coverage limits of $1 million or $2 million, quotes are free, general liability policies have zero deductions, and adding all Additional Insureds is free. That’s radically simple.
Want to see for yourself? Visit the Thimble mobile app and get insured in sixty seconds.
Our editorial content is intended for informational purposes only and is not written by a licensed insurance agent. Terms and conditions for rate and coverage may vary by class of business and state.
Also known as “slip and fall insurance” premise liability involves personal injury on your property. But an injury doesn’t mean you’re liable. We explain the nuances in this guide.
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