If you are in the hospitality industry, you probably spend a considerable amount of your professional life trying to ensure that guests and visitors at your place of business have an enjoyable and safe time. You cannot predict everything, however, and if someone on your premises is injured, you could face a premises liability claim. Having premises liability coverage is important to protect your business against such a claim.
What is Premises Liability Insurance?
Premises liability insurance is often a part of commercial general liability (CGL) insurance. The coverage protects you in case someone is injured on your property. This is especially important because premises liability claims are among the most common claims made against businesses.
Imagine if a visiting guest trips on a corner of a rug. Or think about what would happen if a delivery person got injured on your property by a falling piece of tile that was loosened during renovations. In these cases, the injured person can sue your business alleging that you should have foreseen the danger and taken reasonable steps to prevent it.
If such a situation ever occurs at your business, premises liability coverage can cover your legal defense fees as well as costs associated with a settlement awarded by a jury. With insurance in place, you can afford to keep your doors open and continue your business while your attorneys resolve the legal dispute.
Do You Need Business Premises Insurance for Your New York Business?
Premises liability coverage is essential for any business in New York because injuries can happen at any time. In a hospitality business, where you may be dealing with many guest and tourists as well as delivery people and visitors, this coverage is especially vital. Since you have more people coming to and from your property, the risk of injuries is higher.
Even if you do everything possible to keep visitors safe, accidents can still happen, and you can still be held responsible. You cannot be everywhere at once, and you cannot control all your employees. Keep in mind that if your property repairman leaves a carpet rolled up and someone trips on the carpet and injures themselves, it is your business that will be held liable.
You may already have premises liability coverage under your CGL insurance. However, it is important to review this coverage often and to understand what is and is not covered. Your situation may be more complex if you lease a property or if you have a space you share with tenants or others. When reviewing your premises liability coverage, you will also want to make sure that it covers you for adequate amounts. If someone is catastrophically injured on your property, are you protected?
Where to Find the Right Premises Liability Insurance in New York
If you are in the hospitality industry, contact Kokkoris Insurance Services online for an estimate or give us a call at 718-728-0606. Kokkoris Insurance Services has a professional team that is experienced and focuses on the hospitality industry helping you find the right insurance at the right price.
We Want to Work With You
Get in touch with our team right away by phone or email so that we can start on finding you the right insurance solutions!