You buy business insurance because it will protect you against the numerous liabilities present on your property and through your operations. Your general liability insurance will be there to make sure you can pick up the pieces when your mistakes, however innocent, harm others. 
One area which might give you concern over your responsibility for accidents is your parking lot. You might not know if someone gets hurt there whether you will have to compensate them for their losses. However, as a business owner, you must know where your liability lies, and whether your insurance will offer you the appropriate assistance with these losses.
Understanding Coverage for Parking Lot Liabilities
Every business is different when it comes to their parking lot. Some people own both their business and the plot of land that it sits on, which includes the parking lot. However, other businesses only own or lease the particular storefront, while they do not own any of the surrounding buildings or parking lots. Often, it is the ownership status of the lot itself depending on the ownership status of the lot itself.
If you own your business’s parking lot, then any accidents that occur there might be your responsibility to pay for. For example, if someone trips over some broken pavement, falls and gets hurt, then they might face medical bills, lost income and a number of other financial strains. As a result, they might sue your business, claiming that you could have prevented their injury by fixing the hole.
It does not matter that you didn’t intend for someone to get hurt in your parking lot. The fact that it occurred on your property will be enough to determine whether you were negligent in letting the accident happen. Therefore, you might have to repay the injured party for their losses.
An injury claim against your business might lead to legal fees, settlements and other costs. Regardless of the final size of the loss, the financial strain on your business could prove exceptional. If your business cannot withstand these costs, then it might face an irrecoverable financial situation. General liability insurance is designed to help you cover the necessary expenses in these cases.
By filing a claim on your general liability insurance, you will be able to have assistance paying for this person’s losses. Therefore, you won’t spend huge amounts of capital as you try to pick up the pieces of these mistakes, and all parties will be able to leave the deal with appropriate compensation.
Additionally, if you want a higher amount of liability coverage than that offered by your general liability plan, you should consider investing in commercial umbrella coverage. This policy will offer you an additional way to file for assistance if a third party’s claim exceeds the value of your liability policy limits. Therefore, you’ll have additional assistance available even in cases of expensive challenges.