Off Premises
Definition of "Off premises"
Location that is different from an insured's home or place of business. Under the standard homeowners insurance policy, the property of the insured is covered off premises; for example, if it is stolen from an airport. Likewise, an employer is liable for physical injury and property damage caused by an employee or by equipment, even if it does not occur at the place of business. If a truck spills chemicals on the highway or at another business site, or if a salesperson injures a client on a sales call, the employer is responsible. Business liability policies insure against such risks.
Popular Insurance Terms
Account in which the same interest rate is credited on all premiums regardless of the time period and amount contributed. ...
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Reduction in the amount that the insured receives from the insurer, after having incurred a property loss, because the insurer failed to carry the amount of coverage required by the ...
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Policies that have been sold to and paid for by an insured, but not yet delivered to the insured. ...
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