General liability coverage is a must-have for any business. This type of policy covers:
- Property damage (damage to both owned and rented property)
- Bodily injury (injuries sustained by employees or clients on the premises of your business facilities)
- Medical fees (for bodily injuries sustained on the premises of your business facilities)
- Defense costs (in case of lawsuits against your company, whether it has been at fault or not)
- Personal injury (in case of claims of libel or slander)
- False advertising claims
Unfortunately, sometimes general liability insurance isn’t enough. Laboratory equipment can be very expensive, and the funds needed for repairs or replacements can sometimes exceed your coverage limit. Monetary settlements, compensatory or punitive damages that result from a lawsuit can also be very costly. Depending on your testing laboratory’s needs, you can opt for excess liability insurance policy, which acts as an umbrella policy. This type of coverage adds extra protection to all your other insurance policies. In order to protect you from financial collapse, excess liability insurance covers the amount of extra money you have to pay in various situations. For example, if a claim is settled for an amount that is larger than your general liability coverage, excess liability insurance will cover the additional amount; without excess liability coverage, you could end up exhausting your financial resources.