If you are an entrepreneur, contractor, or owner of a small company, you must have General Liability Insurance policy.
When it comes to company insurance, this is the entry-level coverage that you should obtain. It provides company owners with peace of mind by ensuring that their firm is insured in the event of an accident – such as someone slipping and falling on their property.
We recognise that as an entrepreneur, you are always focused on the bottom line and making the best financial choices for your organisation. We provide a variety of various plans based on the pricing range. Whether you want to see insurance as an investment and safeguard your company to the most extent possible, or you can only afford the bare minimum, we can assist you.
What genuinely differentiates us from the competition are the internet carriers we represent. We exclusively deal with the industry’s top and most prestigious insurance companies. They are financially stable and provide the broadest range of items.
As is the case with most insurance policies, this one will explicitly state the policy’s limit, or the maximum amount the insurance company will pay in the event of a liability claim. It’s critical to properly estimate your risk to guarantee you have appropriate coverage and will not be forced to pay for bills out of pocket.
Most General Liability insurance plans provide coverage up to $1 million per event and $2 million aggregate; if more coverage is required, the limits are often doubled. If you want coverage in excess of $2 million per incident, you will almost certainly need to obtain an umbrella or excess insurance policy.
For instance, if your small company is sued for $300,000 in medical expenses related to a slip-and-fall incident, but your policy coverage is just $250,000, you would be responsible for the difference of $50,000. It is critical to do industry research prior to investing in a policy.
General Liability Insurance protects your firm against third-party claims for physical injury, property damage, and personal/advertising harm. It is critical to note that if you have a customer’s property in your possession for the purpose of servicing, cleaning, repairing, or storing (for example, a dry cleaner or an appliance repair store), coverage for damage to the customer’s property is excluded and must be purchased through a commercial property or inland marine policy.
Additionally, it is critical to understand that this insurance protects both your employees and other firms. For instance, if you have a partnership or joint venture, all of your partners and members, as well as their spouses, are protected if they are sued for anything they conduct in the course of their employment.
If you operate a business, this policy will cover all of your executive officers, directors, and shareholders while they are performing official duties. Additionally, it protects your workers from claims arising from conduct taken on the workplace.
Coverage is available to anyone linked with your company who are not necessarily employees, partners, or customers. These plans also cover volunteers for any liabilities incurred as a consequence of the job they do for you.
If you engage with vendors, such as contract salespeople, you may have a legal agreement in place to indemnify a specific individual or organization. These individuals and organizations would be covered against liability claims (such as property damage or physical harm) arising from the sale or distribution of your goods.
General Liability insurance does not protect you or your firm if you are sued for professional negligence. Professional Liability is a separate coverage that is required.
Commercial Real Estate
General Liability does not cover damage to the property on which you or your company operates. Commercial Property insurance is required. You may get General Liability and Commercial Property insurance in one package, referred to as a Business Owners Policy (BOP).
Damage to property belonging to a client while it is in your possession
If you are servicing, cleaning, repairing, or storing a customer’s property (for example, a dry cleaner, storage facility, or appliance repair company), damage to the customer’s property is not covered.
General Liability does not cover harm caused deliberately by a company.
Costs will vary. The kind of coverage your company requires is determined by the nature of your operations and the anticipated risk connected with you or your industry. A marketing consultant, for example, might need less coverage than a construction company. Additionally, your location is important, since some states pay higher damages to plaintiffs alleging bodily injury than others. If you reside in one of those states, your rates are likely to be higher.
Generally, the insurance provider will need the following information before calculating your premium:
The majority of small company yearly rates run between $750 and $2,000, depending on the nature of work and coverage requirements. That is certainly less than the hundreds, if not millions, of dollars you may have to spend in court to defend your case.
Lawsuits are becoming more prevalent in today’s culture. Regardless of the size of your firm or how improbable it is that you would ever face a lawsuit, you are nonetheless subject to liability risks on the job. When compared to the expenditures your firm would suffer.