Why do I need general liability insurance?

A general liability policy will protect your out of home company from damage your employees or signs cause to other people or to your landlord’s property.  Many property owners insist on evidence that you have a $1-2 million general liability insurance policy as a condition of their billboard lease.

How much does a general liability policy cost?

Insurance is a good value.  Insider pays $114/month for a $2 million policy with Donegal insurance.

The typical $400/year premium for a $1 million general liability insurance looks cheap compared to the average claims which get made.  Source: PropertyCasualty360

Do I need to buy replacement insurance for my billboards?

Insider says no for static billboards.  Individual monopoles are cheap to replace and they’re usually spread out so a single store or tornado won’t take out more than a couple locations.

You might want to insure non-conforming billboards if you are worried about being able to rebuild them if a storm damages them.   In October 2016, county officials in South Carolina prohibited a billboard company from rebuilding three non-conforming billboards which were destroyed by Hurricane Matthew.

Always insure your digital billboards.  They can be destroyed or damaged by fire, trees or power surges.  A digital billboard is much more expensive to replace than a static board so insurance makes sense.

Should I require my installation and maintenance contractors to be insured?

Yes, or your company may be liable for damage that they cause.  You need to ask for evidence that a contractor is bonded and insured before you start using them.

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