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Commercial - Insurance 10/13/2009 4:56:30 PM EST Insurance 101: Understanding the Basics of Liability Insurance, Part 2 This continues our series of posts on basic liability insurance issues for businesses. In our first post, we discussed the general role of the broker and the importance of obtaining a complete copy of the insurance policy. In this post, we will cover some of the basic types of liability coverage for businesses.
1. Motor Vehicle Coverage. A business has motor vehicle liability exposure whether or not it owns or leases motor vehicles. Of course if a company does own or lease vehicles, it is required by law to purchase liability coverage. The statutorily-required limits required are minimal and should be evaluated carefully. However, it is imperative to purchase coverage for “Hired” and “Non-Owned” vehicles as well. This coverage protects the named insured (usually the business) should an employee have an at fault accident when either renting a vehicle on business or when driving their personal vehicle on business.
2. Commercial General Liability (“CGL”) Coverage. Most basic business coverage is provided through a commercial general liability, or “CGL” policy. This coverage typically provides coverage claims for “bodily injury” (which includes physical injury or death) and property damage resulting from an “occurrence.”
Jump to the Chorey, Taylor, & Feil blog to read the entire article.
John Watkins practices primarily in the field of business litigation and dispute resolution, and currently concentrates on trade secret, insurance coverage, and corporate disputes. John also advises several clients on their general business matters and reviews, negotiates and drafts terms and conditions of sale, non-disclosure agreements, and other corporate documents. John represents a number of international companies or their U.S. subsidiaries and has given seminars explaining various aspects of the U.S. legal system to international business groups. John also handles matters in arbitration and mediation and is a registered mediator. Read more about him.
A Georgia native, Henry Shurling attended and graduated from the University of Georgia in 1986 with a major in Risk Management and Insurance. He then attended Georgia State University where he earned his Masters in 1988 with a major in Risk Management and Insurance. He has most recently taken on responsibilities as the Lead International Business Development Liaison. Read more about him.
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