What type of insurance does my business need?

Need business liabilty insurance for a leased space doing a dollar store what will this cover and recommend coverage for this type of business?

• Answer:

  Commercial General Liability insurance protects you from a 3rd party bodily injury or property damage suit for which you are negligent. For instance, you own a dollar store and a customer enters your store trips over a loose rug and is injured. That customer has a right to sue you for his medical bills. Most tenants leasing space for retial stores will need a Business Owners Policy (BOP). This is a package policy for small businesses including General Liability Insurance and Property insurance for damage to your owned business property. The lease you sign with the landlord will detail the limits required and will ask that you name the landlord as "Additional Insured". Additional insured status protects your landlord under your insurance for suits brought against him for your use of his owned space. Consult an independent insurance agent for details about BOP policies offered in your state. William J Zester, Jr. Vice President MPPI, Inc. [email protected]