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Business Personal Bonds Benefits

These days, businesses assuming liability in a contract is common; liability they wouldn’t normally have. The contracts that pass liability on to these businesses are known as ‘hold harmless agreements’ or ‘indemnification agreements’. These are arrangements where one party accepts the responsibility for the other’s negligence.

general business insuranceWhile it’s still not standard for a policy to provide the liability coverage for someone that is not listed on that policy, a Commercial General Liability policy will do just that. When it comes to business contracts that are regularly used, the following coverages are included:

· Lease of premise
· Sidetrack agreement
· Easement or license agreement
· Indemnification of a Municipality
· Elevator maintenance agreement

The coverages for these contracts are, however, limited by stipulations in the policy.

There is no coverage for architects, engineers, or surveyors when they perform their professional services. Professional liability policies are more applicable to these situations. If you are assuming the liability for anyone, be sure you’ve reviewed the contracts and verified with your insurance agent that all the right agreements are covered.

For your own Maryland Contractors Insurance or general business insurance, contact an agent at McFarlin Insurance Agency to be sure you’re fully covered.
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