I'm just not sure how liability insurance really works. I specialize in med sups. I have a client that is moving her business to a new location and asked me for commercial general liability insurance. I do not have my P&C license so obv looking more into it for her and for my knowledge. Is it worth splitting commission for? Is it a one time fee for liability insurance or monthly? I know I'm very vague but just trying to understand it a little more. Thanks
I would recommend you go to this website: P&C Insurance Markets
Do some reading around. There is a drop-down menu for various industries. I would click on "Markets" and then click on "Commercial." It's a lot of information, but it would be good reading for you.
In a quick blurb, property liability is insurance for a personal/business for any losses that are based on negligence of that personal/business. Example: if you have property liability insurance, and someone is an invited guest on your premises, and they fall due to some negligence on your behalf on the property, and they decide to sue you; your property liability policy would handle the claim for that personal/business policyholder.
It's more in-depth than that, but just trying to give you an idea of what is covered. Liability insurance is for coverage of negligence/negligent act(s) that a person or business does to OTHERS, so it does not apply to the insured or any employees of an insured business.
In general, most policies cover multiple coverages, and it's fairly rare to see just a property liability policy; they are available, but typically, most policies are part of "package" policies, which include several types of coverage.
