Commercial General Liability Insurance
commercial general liability insurance
Questions to Ask Your Small Business Insurance Agent When Purchasing General Liability Insurance
Commercial General Liability Insurance is one of the most commonly purchased types of small business insurance. But many small business owners still have lots of questions about what it is, why it’s needed, and how it works. Here are answers to the top five questions we hear from our small business clients about general liability coverage.
1. What does general liability insurance cover?
General liability insurance covers claims of bodily injury or other physical injury or property damage. In the event of a covered lawsuit, such policies will typically pay for a legal defense as well as compensatory, general and punitive damages.
A typical general liability insurance policy covers:
- Bodily injury and property damage liability: If a visitor is injured on your premises, or you or your employee injures some or damages property on your client’s premises.
- Personal and advertising injury: Certain offenses you or your employees commit in the course of your business, such as libel, slander, disparagement or advertising copyright infringement.
- Medical expenses: Applicable medical costs if someone is injured and needs medical treatment due to an accident on your premises.
- Premises and operations liability: Bodily injury and property damage sustained by others at your premises or as a result of your business operations.
- Tenant’s liability: Claims of damage due to fire or other covered losses caused by you to premises that you rent.
Please note that this list includes typical coverages afforded under some policies. Be sure to examine your own policy carefully for any exclusions, limitations, or any other terms or conditions that may affect your coverage. The terms and conditions of your policy will prevail.
2. Why do I need general liability insurance?
Even if you don’t expect to ever face a claim, General Liability Insurance is a smart, inexpensive investment in your company’s future. Accidents do happen, and people who are injured or whose property is damaged will expect compensation. Although such accidents may be no fault of your own, you’ll still be held financially responsible for them, and it only takes one such incident to break the bank for most small businesses.
In the event of certain types of lawsuits, even if you feel you’re not at fault, you’ll likely spend a hefty sum trying to prove it in court. For covered suits, general liability insurance pays for a legal defense and any settlement award, up to the limits specified by the policy.
Additionally, many client companies will have contract requirements that mandate that their business partners or vendors carry general liability coverage. Such contract requirements protect the client from incurring any costs in the unlikely event that someone or something should be injured or damaged in the course of your business relationship.
If you’re still not sure if you’re one who needs general liability insurance, there’s no cost to speak with an agent or broker for advice and a no-obligation quote.
3. How do I determine how much coverage I need for my business?
Your insurance agent or broker can help you assess the potential liability for your business, which varies depending on the type of industry your business engages in, as well as other factors.
Your location is one consideration, as courts in some states have historically made higher damage awards than those in other states. Businesses in those states may wish to consider carrying general liability insurance with higher coverage limits.
Lower-risk businesses, such as accounting firms or IT consultancies, may feel comfortable with lower coverage limits, while businesses in higher-risk fields, such as construction, may need more coverage. For small businesses with less risk, a combined general liability and property insurance package may be a cost-effective option. Such dual policies are known as a Business Owner’s Policy or BOP.
4. I’m worried that the coverage limits on my general liability policy aren’t high enough. What can I do to be sure I have enough coverage if I get sued?
If you’ve got a $1 million general liability policy, but you’re worried that you’ll be sued and your legal costs and court-ordered settlement could be even higher than $1 million, you may wish to purchase an excess liability insurance policy. What is this type of insurance? Also known as umbrella insurance, excess insurance is an inexpensive way to provide additional coverage when the limits of insurance on an underlying policy are exceeded.
For instance, if you have $1 million in general liability coverage, but a court orders you to pay $1.5 million in compensation, the right excess insurance policy would pay for the difference of $500,000. In addition to general liability policies, an umbrella insurance policy also adds coverage to your hired and non-owned auto liability and employer’s liability insurance policies, at no additional cost. However, umbrella coverage does not apply to professional liability insurance.
For contractors and consultants, some clients require excess liability insurance in their contracts to ensure that their vendors are financially capable of paying a large damage award in the event of a lawsuit. Client contracts may also require other types of insurance, such as professional liability or workers’ compensation.
5. How can I reduce my risk of having to file a general liability claim?
While it’s good to have general liability coverage, it’s even better when you don’t have to use it. There are several ways you can cut your risk exposure and reduce the chances that you’ll face a lawsuit:
- Provide proper training for all employees and subcontractors.
- Institute safety policies, processes and procedures appropriate for your line of work.
- Inspect your place of business for hazards that could result in injury.
- Maintain your office space, furnishings and equipment in top condition to reduce the risk of injury or property damage.
- Ensure that smoke detectors are operational and emergency exits are clearly marked and unobstructed.
- Restrict access to hazardous areas or equipment to authorized personnel only.
Ask your insurance agent or broker for additional tips on how you can reduce your risk.
V3 Insurance Partners Chooses Sword AgencyPort For Producer Online Quote And Bind
Sword AgencyPort (a Sword Group company), the leading provider of web-based, product distribution solutions to the property and casualty insurance industry, today announced that V3 Insurance Partners LLC (“V3″) has purchased AgencyPortal with the AgencyPortal Toolkit to launch the V3 Internet Workers Compensation product.
St Louis Auto Insurance
st louis auto insurance
St. Louis Personal Injury Attorney Discusses Auto Accident Injury Claims
Since l984, my firm has worked with countless numbers of “auto accident injury†clients. Most people who have become clients of mine have initially been bewildered because of the complexity involved. My hope is to clear up some of the terms in order to make this area more understandable to the average person.
First of all, when someone is injured they potentially become a “plaintiffâ€. A plaintiff is someone who has sustained “damages†as a result of the “negligence†of another individual. The person who caused the damages is called the “defendantâ€. Negligence in its simplest terms is a concept by which someone’s careless actions harm someone else. Most of the concepts in negligence look at an individual’s actions from the standpoint of a “reasonable personâ€. Someone’s actions have to be “foreseeable†to be considered negligent. A defendant has to be able to appreciate that their conduct could cause harm to someone else. In an “automobile accident injury claimâ€, the defendant can be careless or “negligent†in a number of ways. Our court system provides “jury instructions†which describe various types of “negligent†actions. For example, it is normally considered negligent for someone to strike the rear of another driver’s vehicle. If a case goes to trial, a jury will be instructed on the law and the instructions will explain this to the jury. On the other hand, a defendant can argue that the other driver came to a “sudden unexpected stopâ€. This can also be considered negligence. Where both drivers share in the fault, this is called “comparative negligence†or “comparative faultâ€. If a driver, for example, is found to be 50% at fault, then he will only have to compensate the other driver for 50% of the driver’s damages.
Each driver is required to carry “liability insuranceâ€. When a defendant is careless and injures another person, then damages will be paid to the other person from the defendant’s “liability policyâ€. If the person causing the damage is not insured, then a plaintiff can recover their personal injury damages out of their own “uninsured motorist policyâ€. On the other hand, if the other driver has insurance, but it is inadequate, then a plaintiff may look to their own policy for something that is called “underinsured motorist coverageâ€. This provides for additional damages which can be recovered over and above the amount of the “policy limits†of other driver’s policy. The uninsured motorist and underinsured motorist coverages do not cover damages to the plaintiff’s car. This would be covered by the plaintiff’s “collision coverageâ€. When someone buys collision coverage, they choose the amount of their “deductibleâ€, which is the amount which has to be paid out of the plaintiff’s pocket when a car is damaged.
In some circumstances, the defendant may be disputing the case. Oftentimes, a plaintiff will have their car repaired by going through their own collision policy. Under these circumstances, the plaintiff’s insurance company will attempt to go through “insurance arbitration†and will try to collect and return the deductible to the plaintiff.
When there is “property damage†to a plaintiff’s car, the car may be repairable, or it may be “totaledâ€. A car is “totaled†when it would simply cost more to repair the car than what the car is worth. When a car is totaled, the insurance company owes what is known as the “market value†of the car. This is the amount that the car could have been sold for in the open market prior to the collision. The insurance company will often retain the totaled vehicle which is called “salvage†since they are purchasing the totaled car. They will then sell the working parts to a junkyard or parts dealer. If the plaintiff chooses to keep the car, the he will receive the value of the car, minus the†salvage valueâ€
With regard to a plaintiff’s injuries there are several types of damages. The first type of damage would be classified as “financial damages†or “economic damagesâ€. These are the amount of out-of-pocket expenses sustained by the plaintiff. Lawyers and insurance adjusters sometimes refer to these as “special damages†or “specialsâ€. Financial damages would include payment for medical bills and lost wages. The second kind of damages would be “pain and suffering damagesâ€. I like to think of pain and suffering as being divided into three categories. First, there is past pain and suffering which takes into consideration the pain and discomfort immediately of the plaintiff following the accident. There is also present pain and suffering which is what a person is living with on a daily basis. Finally, sometimes injuries do not heal completely. The third category, then, would be damages for “future pain and sufferingâ€. This would include “permanent disability†which would limit someone’s ability to function. For example, if a plaintiff has injured their right hand and they will permanently have a loss of grip strength, then a jury may consider this in awarding damages. On the financial side, if a plaintiff is unable to work in their normal full capacity, there may be “future economic damagesâ€. A jury can take into account that if plaintiff will be losing income in the future because they either can’t work, or they can’t earn as much as they were previously earning.
In any event, this is my humble attempt to clear up some of the terminology which is used in car accident cases. Of course, how damages will be computed will ultimately be based upon where a case could end up going to trial if it cannot be settled. Some juries are much more generous in awarding damages for and other juries are known for being more stingy. A plaintiff lawyer’s goal in “settlement negotiations†is to get as much or more for his client than what he would likely receive from a jury. If the case is to go to trial, then the goal is to receive the highest possible verdict for his client.
The contents of this article are intended for educational use only in order to provide readers general information and a basic understanding of the law. If you are seeking legal advice, please consult a licensed professional attorney in your state. The information in this article should not be substituted for experienced legal advice.
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Health Insurance For Small Business
health insurance for small business
New health insurance plan for small business with the state.?
State of TN helps small businesses with health insurance plans for employees. The employer pays 1/3, state pays 1/3, employee pays rest.
What is the question?
I assume that you’re asking “which plan is best?” Or are you asking how to do it?
When you go into business, a good insurance agent (perhaps one for each specialty) is invaluable. The best news is that you don’t pay them until you buy from them!!! If you don’t view your agent(s) as part of your “team” then you’re missing a huge source of good info (or don’t trust the agent, which is your clue to fire them).
There is no free lunch… the more you want, the more it costs. I’d personally investigate self-insurance the little stuff, then offering a major medical plan w/ a high dedictible for the big stuff. That’s what I do (lesser plan, bigger out of pocket, for cost savings).
The only difference between companies is basically the level of service. Some companies are really horrible at claims, plan changes, premium collection, etc.
Finally, health insurance varies widely (and wildly!) from state to state. Be thankful you don’t live in New Jersey….. So, any specific advice you might get here will need to be specific to TN.
Good luck y’all….
Weekly Address: Health Insurance Reform, Small Business and Your Questions
Best Health Insurance For Small Business – Shop, Compare, And Save On Health Insurance
In search of Best Health Insurance For Small Business? Numerous sites allow you to review the best health insurance rates online. Go here to get the best health insurance deals from reputable companies now.
It’s not very bright to go on withouth health insurance. When you least expect them, illnesses and injuries can strike. Health care is by no means cheap and expenses can increase quickly.
It could mean financial disaster if an accident or ailment came up and you had no health coverage. Medical support can be quite pricey and that’s why it’s urgent for millions of Americans to get low-cost health coverage.
There are many options for choosing the right company to get health insurance from. These firms have varying health insurance services to connect the right people with the right policy.
Getting the right health insurance policy can be time-consuming. It’s crucial to find the top insurance coverage you can for a price that you can easily pay without major worries. As a result, it’s a great plan to compare health insurance quotes online to figure out who will give you the most coverage for the least amount of money.
Get an instant quote right now!
To get Best Health Insurance For Small Business, you will need to fill out a basic questionnaire when using a health quote site. Each provider will have different policy figures and prices and you will be able to review all of this information. Then you can sort out the insurance policies that meet your needs and that are financially sound.
Health quote sites are great because they save you a lot of time and frustration. Obtaining a quote from each provider separately would take many hours to complete. Happily, however, you can take advantage of free sites to collect quotes from the insurance providers almost immediately.
If you want more on Best Health Insurance For Small Business and to obtain a free insurance quote, go here.
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Liability Business Insurance
liability business insurance
Heffernan Insurance Focusing on Latin Markets
Walnut Creek, Calif.-based Heffernan Insurance Brokers has created a team of brokers focused on the Latin marketplace. Leticia Treviño, a commercial lines manager and vice president in …
16 most common Lawn Care Business Insurance questions – GopherHaul Podcast
What is the average cost for liability insurance for a business that does small tree trimming and removal?
Your insurance company will give you a quote according to the job classification you fall under and your experience mod. similar to worker compensation quotes. It also depends how much liability you want to obtain. $1,000,000.00 is usually standard. Be prepared to give a chunk of money for the deposit. Also consider an umbrella policy to cover your personal property in case you’re sued.
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Liabilty Insurance
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Houston Insurance
Having headquartered out of Houston for 30 years now, Texas Auto Home Insurance knows this city through and through and can help any number of insurance clients save money on policy costs.
Houston Commercial Insurance
Artisan contractors of all sorts have flocked to Houston to assist in the post-Ike rebuilding efforts. Each one of these contractors is encouraged to contact a Houston insurance specialist if they have not already done so and make certain their current policy indemnifies them against all contingencies. Regardless of whether or not you are a roofer, carpenter, fence builder, landscaper, tree remover, glass installer, signage maintenance expert, electrician or demo specialist, we recommend that you double check to be sure that you have all the required commercial auto, general liability and workers compensation coverage necessary to comply with Texas Laws and protect your company.
Our Houston insurance agents stand ready to conduct this free policy review on your behalf and make it simple and easy for you in the process. If we see any areas where your coverage could be potentially improved, we will recommend the best options that will cost you the least amount of money. We
If you are contractor from another state, it serves your interests both short term and long term to get advice from an insurance agency that headquarters in Houston, Texas. Our familiarity with this city can save you from a quagmire of exposure and liability-at no cost or obligation to obtain a policy from us after your initial review!
Houston Automobile Insurance
Many Houston residents are finding it necessary to replace vehicles that were damaged by Hurricane Ike. This type of replacement cost, however, may involve a different type of coverage than the originally policy provides. Many people are having difficulties with filing a claim now as a result. TAHI is here to help you prevent this type of distress in the future. Our Houston auto agents are familiar will do the type of underwriting necessary to find all possible discounts and lower rating categories that will still provide you with the best possible “need now” coverage available to drivers residing along the Texas Gulf Coast.
We will verify your history before closing the application in order to guarantee a final rate before issuing the policy. Regardless of whether you are a young driver in Houston with minimal driving experience, or if a senior living on a fixed income, Texas Auto Home Insurance knows how to determine exactly what type of insurance you will need both day-by-day and when the storms blow through.
Houston Motorcycle Insurance
We have been writing Houston motorcycle insurance for almost 30 years now, and we have seen many changes in both the bikes themselves and the coverage options carriers provide to Texas bikers. We believe that biker must have choices and options specific to his or her individual needs. We also believe very strongly in discounts. For example, a Houston biker who has taken multiple safety courses is entitled to pay less for insurance, and we are determined to make this happen.
We also want to give what is known as a limited rate insurance discount to the weekend biker who only drives the bike on Saturday and Sunday. We also look for ways to offset the rather harsh underwriting that gets applied to sports bikes by factoring in the experience of the biker and good driving history. Many Houstonians are also buying scooters and smaller motorcycles to commute to work economically, and we also have great insurance rates for these individuals.
Texas Auto Home Insurance will bind coverage at once if you are trying to pick up your motorcycle from a dealership. Always have your motorcycle vehicle identification number along with your drivers license number and social security number. This information plus your most recent auto insurance or motorcycle insurance proof can secure you a rate of $78.00 a year in Houston Texas for the required Texas Liability Insurance for your motorcycle. That’s right! Texas Auto Home Insurance is providing liabilty insurance in Houston, Texas for as low as $78.00 year.
Auto/Car Insurance Coverage Laws Explained – New York State