Business General Liability Insurance
Provides for separate limits of coverage for General Liability for (Premises and Operations): Products and Completed Operations; Personal & Advertising Injury; Fire Legal Liability/Damage to Premises Rented to You; and Medical Payments (per policy basis).
Aggregate limit: Maximum dollar amount of coverage in force under a policy. This maximum can be on an occurrence basis or for the life of the policy.
Products Coverage – insures when a liability suit is brought against the manufacturer and/or distributor of a product because of someone incurring bodily injury or property damage through use of the product. (The manufacturer of the product must use all reasonable means to make certain that the product is free from any inherent defect.)
Completed Operations Coverage – for bodily injury or property damage incurred because of a defect in a completed project of the insured.
Premises and Operations Coverage – for bodily injury incurred on the premises of the insured, and/or as the result of the insured’s business operations.
When total claims for all of these areas (General Liability for Products and Completed Operations; Personal & Advertising Injury; Fire Legal Liability/Damage to Premises Rented to You; and Medical Payments) exceed a given annual aggregate limit of liability, the policy limits are said to be exhausted and no more claims for that year will be paid under the policy. Coverage against Liability exposures of a business are covered unless specifically excluded.