As we start to prepare for the holidays, that means grocery shopping, Christmas shopping, time with family at the movies, eating out, and playing laser tag. But for those businesses, that means an influx of people crossing their doors. For the business owner, this is one of the times to confirm that your general liability and business property policy coverage is active, as it may be subject to more exposure to possible claims.
In my first article, I described general liability, which is “a standard insurance policy issued to business organizations to protect them against liability claims for bodily injury (BI) and property damage (PD) arising out of premises, operations, products, and completed operations; and advertising and personal injury (PI) liability” according to the IRMI Glossary. To break it down more simply, the claims from bodily injury could be slips, trips, or falls in their business location, or theft of contents in a busy store. The holidays are a time for a lot of businesses to also have an increase in revenue generated, so if there were damage to the location and loss of stock, there could be a loss of income claim too.
No business owner wants to encounter any of the situations outlined above, so some homework is needed. Reviewing your policies with your agent to make sure you have enough coverage would be the best way to avoid potential losses. A few items to specifically review:
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