Unraveling the intricacies of owning a property can be challenging, especially when considering the potential legal implications. One area that often causes confusion is premises liability coverage. This article will clarify what premises liability coverage is, why you might need it, and provide specific examples to illustrate its importance.
What is Premises Liability Coverage?
Premises liability coverage is part of an insurance policy that protects property owners or renters from claims or lawsuits if someone gets injured on their property. It covers the cost of medical bills, legal fees, and other damages related to the incident. For a more specific definition, read our 5 Necessary Premises Liability Elements article.
Why Do You Need Premises Liability Coverage?
Premises liability coverage is a safety net that offers protection to property owners and renters. Whether you own a home, business, or rent an apartment, the risk of someone getting injured on your property always exists. While we often do everything possible to ensure our premises are safe, accidents can and do happen.
For example, consider a scenario where you invite friends over for a barbecue at your house. Unfortunately, one of them trips over a loose patio stone, resulting in a broken ankle. Without premises liability coverage, you are held financially responsible for their medical bills, any income they lose during recovery, and potentially their pain and suffering.
If you own a business, premises liability coverage becomes even more critical. Customers, employees, and suppliers are continuously moving in and out of your business premises. This increased foot traffic heightens the likelihood of an accident. Department stores certainly fall into this category as well with people going in and out all day and night.
Here’s another example, let’s say you own a grocery store. A customer slips on a wet floor and suffers a back injury. Despite the warning signs you placed, the customer decides when to sue for damages. Your coverage would kick in, covering legal costs and any settlement or judgment that may arise from the case.
If you rent an apartment or house, your landlord’s insurance may not cover your personal liability. Renters are often surprised to learn that they are responsible if a guest gets injured on the premises. This reality makes having a reliable coverage plan vital.
Suppose a guest trips over an area rug in your rented apartment, breaking their wrist in the fall. They decide to sue you for medical expenses and lost wages. With the right coverage policy, you’d have protection against these claims.
Whether you are a homeowner hosting social gatherings, a business owner managing the safety of customers and employees, or a renter inviting friends over, premises liability coverage ensures you’re ready for the unexpected.
Deldar Legal helps property owners fight premises liability disputes. Our team of talented premises liability attorneys is ready to offer their expertise through a free case evaluation when you call us at (844) 335-3271.
Posted in: Premises Liability