The ASG Bowl Blog

Protecting Your Assets: General Liability Insurance

Posted on Mon, Jun 04, 2012 @ 09:25 AM

describe the imageHere’s a million dollar question: What if a bowling ball falls off a table and onto your customer’s foot, fracturing a bone?

You may get sued, and if found liable, be hit with big financial consequences.

Operating a business in an increasingly litigious landscape means entrepreneurs need to be vigilant of their risks. What’s more, business owners should align their insurance and asset protection plans according to those risks.

Here at ASG, we’ve covered prize indemnity insurance in a previous post.

Today, we take a look at general liability insurance and a proactive strategy for asset protection for any small business. General liability insurance can be purchased as a stand-alone product or as part of a larger policy that also includes property insurance.

Following are a few things to consider about general liability insurance for your business:

Match Your Policy to Your Perceived Risks

This may involve conducting a thorough risk assessment of your facilities, work policies and practices, and even your location. According to Dun and Bradstreet Credibility Corp, some states have been known to award large settlements to personal injury plaintiffs. While it may be a mistake to purchase less insurance than you need, purchasing way more than you require would create a perpetual cut into your profits.

Know What is Covered

Having a general liability insurance policy doesn’t mean that you can count on being completely off the hook financially should you lose a case in court. Read the fine print and ask your broker about the maximum amount of coverage per occurrence. If you’re sued for a million dollars and lose, but your policy only covers you up to 500 thousand dollars per occurrence, you’re left to fork up the rest.

Consider an Umbrella Insurance Policy

Umbrella insurance can pick up and cover where your general liability coverage max ends. Talk to your broker about your options.

One of the key ways to prevent big losses is to control and reduce risky situations in which you can be held generally liable. This starts with setting a holistic safety policy and training your staff to uniformly implement loss control practices. From regimenting safe routines to appropriate signage and clear communications, there are multiple opportunities to prevent a loss from occurring. If something does happen, keep accurate records and document everything.

For more safety tips, check out Brunkswick’s operations manual for bowling centers. 

Topics: bowling centers, General Liability Insurance, bowling insurance, Bowling Center Tips