Premises Liability Insurance in Plano, TX
Premises liability insurance helps protect property owners, landlords and business operators from claims of bodily injury or property damage that occur on their property. It is designed for incidents tied to the condition or upkeep of a location, such as a slip and fall in a store or a fall on a poorly lit stairway. Lenders, landlords and clients often ask for proof of this coverage before a lease is signed, a property is financed or a business opens its doors to the public.
Our experienced team can help you obtain the premises liability insurance that you need. Contact us today for more information.
What Is Premises Liability Insurance?
Premises liability insurance is a type of liability coverage that responds when a visitor, customer or other third party is injured or has property damaged because of conditions at an insured location. Property and business owners generally have a legal duty to keep their premises reasonably safe, and this coverage helps manage the financial risk if someone claims that duty was not met. Premises liability is commonly included in a commercial general liability policy, though it can also be purchased on its own.
Three parties are typically involved in a premises liability claim. The insured (e.g., the property owner or business) carries the policy; the claimant is the injured person or the owner of the damaged property; and the insurer is the company that issues the policy and responds to the claim. If a claim is filed, the insurer investigates the incident and may pay for covered costs, such as legal defense, medical expenses, settlements or court-ordered damages, up to the policy limits.
Coverage has boundaries. Policies generally do not cover injuries to employees, which are usually handled through workers’ compensation, and they typically exclude intentional acts and certain liabilities assumed under contract. If a covered loss exceeds the policy limit, the property owner is responsible for the remaining amount. Reviewing the limits and exclusions with an agent helps you understand how your policy would respond.
Premises Liability Insurance Examples
Premises liability coverage may be offered in several forms, including:
- Commercial general liability policies that include premises coverage
- Businessowners policies that combine liability and property coverage
- Owners, landlords and tenants liability policies
- Lessor’s risk only policies for landlords who lease space to others
- Standalone premises liability policies for vacant land or buildings
- Umbrella or excess liability policies that add limits above a primary policy
Contact Us
Our knowledgeable team at Prime Time Insurance Services can help you secure the premises liability insurance that suits your needs. Contact us today to get started.