Squeeze insurance is a type of liability insurance that protects businesses from lawsuits related to injuries or damages that occur on their premises. This type of insurance is particularly important for businesses that operate in high-risk industries or have a lot of foot traffic, such as restaurants, bars, and retail stores.
What is Squeeze Insurance?
Squeeze insurance is a form of general liability insurance that provides coverage for accidents or injuries that occur on a business’s property. This can include slips and falls, food poisoning, and other types of incidents that can lead to lawsuits. If a business is sued as a result of an incident on their property, their squeeze insurance policy can help cover the cost of legal fees, settlements, and judgments.
It’s important to note that squeeze insurance is not the same thing as liquor liability insurance or product liability insurance. Liquor liability insurance provides coverage for accidents or injuries that occur as a result of a business serving alcohol, while product liability insurance protects businesses from lawsuits related to their products.
Why Do Businesses Need Squeeze Insurance?
Businesses need squeeze insurance to protect themselves from the financial consequences of accidents or injuries that occur on their property. Without squeeze insurance, a lawsuit could easily bankrupt a small business. Even if a business is not found liable for an incident, the cost of defending against a lawsuit can be prohibitively expensive.
Additionally, many landlords require tenants to carry squeeze insurance as part of their lease agreement. This helps protect the landlord from lawsuits related to incidents that occur on the property.
What Does Squeeze Insurance Cover?
Squeeze insurance typically covers a variety of incidents, including:
| Incidents Covered by Squeeze Insurance |
| Slips, trips, and falls |
| Burns and other injuries |
| Food poisoning and other illnesses related to food or drink |
| Assault and battery |
| Property damage caused by a business’s operations |
It’s important to note that every squeeze insurance policy is different, and businesses should carefully review their policy to understand what is and is not covered.
How Much Does Squeeze Insurance Cost?
The cost of squeeze insurance varies depending on a variety of factors, including the size of the business, the industry it operates in, and the location of the business. As a general rule, businesses can expect to pay between $500 and $1,000 per year for squeeze insurance.
While this may seem like a lot of money, the cost of a single lawsuit can easily reach tens of thousands of dollars or more. Squeeze insurance is an investment in protecting a business’s assets and ensuring its long-term viability.
How Do Businesses Purchase Squeeze Insurance?
Businesses can purchase squeeze insurance from a variety of insurance providers, including local and national providers. It’s important to shop around for insurance to ensure that a business is getting the best coverage at the best price. Business owners should also carefully review the policy before purchasing to ensure that they understand the terms and conditions of the policy.
Conclusion
Squeeze insurance is an important type of liability insurance for businesses that operate in high-risk industries or have a lot of foot traffic. This type of insurance protects businesses from the financial consequences of lawsuits related to incidents that occur on their property. Business owners should carefully review their policy to understand what is and is not covered, and should shop around to ensure that they are getting the best coverage at the best price.
FAQs
What is the difference between squeeze insurance and liquor liability insurance?
Squeeze insurance provides coverage for accidents or injuries that occur on a business’s property, while liquor liability insurance provides coverage for accidents or injuries that occur as a result of a business serving alcohol.
Are all types of businesses required to carry squeeze insurance?
No, not all types of businesses are required to carry squeeze insurance. However, it is often required as part of a lease agreement with a landlord.
How much does squeeze insurance cost?
The cost of squeeze insurance varies depending on a variety of factors, including the size of the business, the industry it operates in, and the location of the business. As a general rule, businesses can expect to pay between $500 and $1,000 per year for squeeze insurance.
What does squeeze insurance cover?
Squeeze insurance typically covers incidents related to slips and falls, burns and other injuries, food poisoning, assault and battery, and property damage caused by a business’s operations. However, every policy is different, and businesses should carefully review their policy to understand what is and is not covered.
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