FPI Management, a property company in California, wants to hire dozens of people. Factories from New Hampshire to Michigan need workers. Hotels in Las Vegas are desperate to fill jobs.
The Ins and Outs of General Liability Insurance: What’s Covered — And What’s Not
As a small business owner, you have a lot on your plate. From accounting, to marketing and sales, to product development and inventory — the to-do list can seem never ending. That’s why it’s no surprise that details like liability insurance can so easily slip through the cracks, leaving your business financially vulnerable.
Unfortunately, nearly anyone your business interacts with can make claims against you. And without the right insurance protection, these claims could cripple your operation.
What General Liability Insurance Covers
General liability (GL) coverage can be part of a standalone policy or can be part of a business owner’s policy (BOP). This coverage safeguards your business’ finances and reputation in the event a customer or third party takes legal action against you or your employees.
The following are types of claims covered by a GL policy:
What General Liability Insurance Doesn’t Cover
GL coverage does have limits — both in dollar amounts and types of situations covered. This depends on a number of factors, including your specific industry and your business’s exposure to visitors and clients.
However, there are a few limits that apply to businesses across the board. GL does not cover the following types of damages:
To learn more about how Liberty Mutual can protect the investment you’ve made in your business, visit our general liability page or connect with an independent insurance agent today.
California Insurance Commissioner Dave Jones has approved the first Cannabis Business Owners Policy in the State of California.
The American Association of Insurance Services designed the new CannaBOP program for cannabis dispensaries, storage facilities, processors, manufacturers, distributors, and other cannabis-related businesses operating in the state.
“Cannabis businesses need insurance coverage to help them recover when something goes wrong just as any other legalized business does,” Jones said in a statement. “This first-of-its-kind Cannabis Business Owners Policy or CannaBOP program will make it easier for more insurers to enter the market and fill coverage gaps for cannabis businesses. I encourage insurers to take advantage of this new standardized CannaBOP program to file more cannabis insurance products with the department to meet the needs of this emerging market.” AAIS developed a California-specific business owners policy (BOP) program for the cannabis industry, complete with forms, rules and rating information. The CannaBOP program provides a package policy containing both property and liability coverage for qualifying California cannabis dispensaries, storage facilities, distributors, processors, manufacturers, and other businesses participating in or supporting the California cannabis industry.
Commissioner Jones launched an initiative last year to encourage commercial insurance companies to write insurance to fill coverage gaps for the cannabis industry. The first filing and approval of commercial insurance for the cannabis industry from an admitted carrier was announced in November of last year, the first surety bond program for the industry was announced in February and the first coverage for commercial landlords for the industry and a product liability and product recall program for the industry were announced last month.
There are also roughly 20 surplus lines writers offering cannabis insurance.