The $5,000 included in your insurance policy covers medical expenses for bodily injury to a third party. To be eligible for coverage, the injury must have been caused by an accident on premises you own or rent or because of your operations. These expenses could include first aid administered at the time of the accident; necessary medical, surgical, x-ray, and dental services; and necessary ambulance, hospital, or professional nursing services. Note that this does not cover injury to your employees.
The theory behind this no-fault coverage is that providing immediate first aid for the injured party promotes goodwill and reduces the likelihood of a lawsuit. However, the injured party still has the right to sue you for negligence if they choose to. In that case, the claim would be covered up to the General Liability Insurance limit (subject to other conditions and exclusions in the policy).