Business Insurance Medical Expenses

Included in the general liability portion of most business insurance policies is coverage known as “medical expenses.” Medical expenses are also commonly referred to as medical payments or med pay.

General liability for business insurance in Florida is intended to cover your business in the event that a third-party claims to have bodily injury or property damage as a result of your negligence as a business owner.

Medical expenses are intended to prevent the injured individual from suing as a result of having received prompt financial compensation for their medical bills, rather than having to go through a lengthy insurance claims process or file a lawsuit.

Business insurance medical expenses allow for the insured to pay small nuisance claims without the need for costly legal expenses. Business insurance medical expenses generally have a limit of $5,000 per occurrence.

A common example of when medical expenses may be utilized is in the event of a trip and fall, when the place of business is not at fault.

Medical expenses are not always included within your business insurance policy’s general liability coverage. Review your insurance policy for details regarding whether medical expenses are excluded from your coverage. Reasons for exclusion (or reduction in coverage) may be due to a high number of previous occurrences or if your place of business has a high hazard for trip and falls.

For a business insurance quote contact McGriff-Williams Insurance, Gainesville, FL