For landowners in Georgia, there are a lot of legal issues and protections to sort out. One of the most important decisions to make is whether to take out liability insurance. In many cases, insurance is essential: Without it, the landowner is vulnerable to lawsuits that could cause financial devastation.
Liability insurance is a type of insurance that shields the owner of a property from being sued if someone is injured on that property. It’s a common and often required kind of insurance for business owners, but people who are not using land to operate a business might not be sure about whether liability insurance is a good idea. Liability insurance can protect the owner from liability in cases of physical injury, emotional injury, or what is known as advertising injury. Advertising injury includes things like slander or privacy violations.
Large plots with more hazards, especially land that is undeveloped, offer more risks and are thus more likely to be the sites of accidents or incidents. The higher this risk is for a given patch of land, the more useful liability insurance can be. However, the cost of liability insurance will also depend on the hazard level of the land, so the more land there is and the more hazards there are on it, the greater the cost. Homeowners and landowners can balance out the expense of a liability insurance policy with the coverage and protection that they will get from holding it.
Many landowners underestimate the benefits of liability insurance. It is a useful way to provide protection against injury and accidents on the land.