Insurance Coverage Limits
What Are Coverage Limits in Insurance?
Coverage limits, also known as insurance limits, are the maximum amounts the insurance company will pay for claims. Insurance coverage limits are always stated in your insurance policy.
How Do Liability Coverage Limits Work?
When you file a claim, your insurance coverage limits come into play. These limits represent the maximum amount your insurance company will pay for a covered loss.
It’s important to note that if the judgment and expenses exceed these limits, you will be responsible to pay the remaining amounts not covered by the policy.
This is why it’s important to carefully consider your coverage limits to avoid potential financial burdens.
Aggregate vs. Occurrence Limits
You may notice that some of your limits are “aggregate” while others are “each occurrence.”
An aggregate limit is the total amount your insurance carrier will pay for all claims made within the policy period, which is usually 12 months.
On the other hand, an each occurrence limit is the maximum your carrier will pay for all claims that come from a single incident.
What Are FLIP’s Coverage Limits?
FLIP’s general liability insurance coverage limits are:
| General Liability Aggregate Limit | $2,000,000 |
|---|---|
|
Products-Completed Operations Aggregate Limit |
$2,000,000 |
|
Personal and Advertising Injury Limit |
$1,000,000 |
|
Each Occurrence Limit |
$1,000,000 |
|
Damage to Premises Rented to You |
$300,000 |
If you need higher liability coverage limits to protect your business financially or meet a venue’s requirements, add excess liability coverage right through your user dashboard. This optional coverage is available in $1 million increments, up to $5 million.
What Additional Coverages Are Available Through FLIP?
Every food business is different — that’s why FLIP offers optional coverage add-ons so you can customize your policy to your unique needs. Select any of the following:
- Tools & Equipment (Inland Marine) Coverage
- Cyber Liability Coverage
- Professional Liability Insurance
- Liquor Liability Insurance
- Workers Compensation Insurance
- Food Trailer Endorsement
- Assault & Battery Endorsement (requires liquor liability coverage in place)
- Excess Liability Coverage (applies to general liability coverage only)
Read More
- See also: Aggregate Limit
- See also: Liability
- See also: Declarations Page
- See also: Claim
- See also: Covered Loss
- See also: Coverage Territory
- See also: General Each Occurrence Limit
- See also: General Liability Insurance
- FLIP’s Coverage Details