What is Completed Operations Liability Insurance?

Completed Operations Liability Insurance is a type of insurance that offers protection to businesses in the event that they are sued for damages resulting from work that has been completed. This type of insurance can be purchased as part of a business liability insurance policy or as a standalone policy.

Completed operations liability insurance can offer protection against a variety of different types of claims, including bodily injury, property damage, and personal injury. This type of insurance can also provide protection against lawsuits for negligent infliction of emotional distress.



Completed operations liability insurance is important for businesses of all sizes, but it is especially important for businesses that provide services to clients. This type of insurance can help protect the business if a client is injured or their property is damaged due to the work that was done.

How to File a Claim With Completed Operations Liability Insurance

Business owners can purchase completed operations liability insurance as part of a business liability insurance policy or as a standalone policy. When you need to file a claim with your completed operations liability insurance, here are the steps you need to follow:

1. Gather all of the necessary documentation, including any police reports, medical records, and receipts for repairs or replacement of damaged property.
2. Contact your insurance agent or broker to notify them of the claim and to begin the claims process.
3. The insurance company will likely send an adjuster to investigate the claim and assess the damages.
4. Once the insurance company has made a determination, they will either approve or deny the claim. Should the claim get approved, you will be reimbursed for your damages up to the limits of your policy. If the claim is restricted, you may have the option to appeal the decision.
5. Once the claim has been settled, be sure to keep all documentation for your records in case you need to reference it in the future.
   

Factors To Consider When Purchasing This Type of Insurance Policy for Your Business

• Size of your business- The size of your business will impact the amount of coverage you need. If you have a large corporation, you will likely need more coverage than a small business.
• Nature of your business- The nature of your business will also impact the amount of coverage you need. If you provide services that could potentially result in bodily injury or property damage, you will likely need more coverage than a business that does not offer such services.
• Location of your business- The place of your business can also impact the amount of coverage you need. If you are located in an area with a high risk of natural disasters, you will likely need more coverage than a business located in a low-risk area.
• Policy limits- The policy limits are the maximum amount of money that the insurance company will pay out on a claim. Make sure to choose a policy limit that is high enough to cover the potential damages your business could face.
• Deductible- The deductible is the amount of money you will need to pay out of pocket before the insurance company will pay on a claim. Choose a deductible that you can afford to pay in the event of a claim.
  

What Should You Consider When Choosing an Insurance Carrier for This Type of Policy Coverage

There are a few things to keep in mind when choosing an insurance carrier for your completed operations liability insurance:

• Proximity: Choose an insurance carrier that is located near your place of business. This will make it easier to file a claim if you need to.
• Reputation: Choose an insurance carrier with a good reputation. You can check online reviews or ask other businesses in your industry for recommendations. Check with your local Better Business Bureau to see if any complaints have been filed against the carrier.
• Financial stability: Choose a financially stable insurance carrier. You can check their rating with a rating agency such as A.M. Best or Standard & Poor's.
• Affordability: Make sure you can afford the premiums for the coverage you need. Get quotes from multiple carriers to compare rates.
• Customer service: Choose an insurance carrier with good customer service. This will make it easier to get help if you have any questions about your policy or need to file a claim.

These are just a few things to keep in mind when choosing an insurance carrier for your completed operations liability insurance. Be sure to do your research to find the best carrier for your needs. By following these tips, you can be sure you're getting the best possible coverage for your business.

Why Should You Have Completed Operations Liability Insurance in Place for Your Company?

The several benefits of having completed operations liability insurance in place for your company include:

1. Protection from damages- Completed operations liability insurance can protect your company from damages resulting from your work. This includes bodily injury, property damage, and personal injury.
2. Coverage for legal expenses- If you are sued as a result of your work, your completed operations liability insurance can help cover the cost of your legal expenses. This includes attorney's fees, court costs, and any settlements or judgments awarded against you.
3. Peace of mind- Knowing you have this type of insurance in place can give you peace of mind knowing your company is protected in the event something goes wrong.
   

Exclusions to a Completed Operations Liability Policy

Most completed operations liability policies will exclude coverage for damages that occur due to faulty artistry. 

Other exclusions include 

• Intentional acts
• Nuclear risks
• Pollution risks. 

If an incident is not covered by the policy, you will likely have to pay for the damages out of your pocket.

Peace of Mind Is Just a Policy Away With Completed Operations Liability Insurance!

By having this coverage in place, you can have peace of mind knowing your company is protected in the event something goes wrong.

Business owners can get more information about this type of coverage by speaking with an insurance agent or broker. They can also get more information by reading insurance policy manuals or speaking with an insurance company representative.