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Finance

What Is General Liability Insurance?

General liability insurance (GLI) is also known as commercial general liability insurance or company liability insurance. When bodily injury or property damage claims are made against your company during regular business operations, this sort of liability insurance coverage can aid. Without general liability insurance, you would be responsible for covering any out-of-pocket medical costs and property losses.

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  • General liability insurance can also help pay for:
  • A customer or client slipping and falling in your business and needing medical treatment
  • Your employee accidentally damaging a customer’s wall while working in their home
  • Defense costs from lawsuits against your business
  • Judgments and settlements from a customer or client’s lawsuit

Who Needs General Liability Insurance?

In the next ten years, four out of ten small business owners are likely to suffer a property or general liability claim1. Claims can be related to unanticipated events like burglaries or unforeseeable catastrophes like a customer getting hurt after slipping and falling.

How Much Does General Liability Insurance Cost?

The price of your general liability insurance might range from a few hundred to a few thousand dollars each year depending on a number of factors. Your sort of business is a significant factor. Compared to enterprises in lower risk industries, businesses in higher risk industries pay more for general liability insurance.

For instance, insurance bids and rates are likely to be greater for construction companies than for consulting firms. The following aspects of your company can also influence the price of liability insurance:

  • Age
  • Location
  • Number of employees
  • Building condition
  • Policy details, like coverage limits and deductibles
  • Insurance claims history

Getting insurance quotes is the best approach to determine how much your commercial general liability insurance will cost. Your policy can be modified to meet your unique needs. Find out how liability insurance can defend your company by requesting a quote today.

Why Do You Need General Liability?

Liability insurance coverage aids in defending you against pricey general liability lawsuits that may arise in typical business circumstances, such as:

  • You or your staff are speaking on behalf of a client.
  • Meeting with clients face to face
  • Working on or with another person’s property
  • Using third-party locations for business activities
  • Advertising your business

If any of your clients want this insurance, you might also need it. Before they get into a contract with your company, many clients want to be sure you are covered by general liability insurance. A certificate of liability insurance is proof that you have general liability coverage. Increase your company’s security by purchasing commercial umbrella insurance that will protect you, your staff, and the cars you drive, lease, rent, or own.

Is General Liability Business Insurance Required by Law?

State laws often do not mandate general liability insurance for business owners. Nevertheless, having this liability insurance coverage is a wise idea. Your company’s finances as well as your personal assets may be at stake if a consumer sues you and you don’t have insurance.

It’s crucial to comprehend the insurance regulations in your state. To assist you in selecting the appropriate business liability insurance, work with a nearby insurance firm or our knowledgeable small company insurance team.

Increase Your Protection by Purchasing Professional and Limited Liability Insurance.

You can segregate your personal assets from your business assets by forming an LLC. However, you remain open to liability claims that could financially jeopardize your company. A limited liability insurance policy can assist in safeguarding your LLC and provide coverage for lawsuits stemming from property or bodily harm brought on by your company.

A professional liability insurance policy can defend your company in the event that you are held liable for errors in the professional services you rendered. Errors and omissions (E&O) insurance is another name for this type of protection.

Request a quote for general liability insurance.

Different insurance providers exist. It’s crucial to work with someone you can rely on and trust. We have more than 200 years of experience assisting small business owners in securing coverages like general liability insurance for their enterprises.

We have your back whether you need assistance with obtaining a quote, comprehending general liability class laws, or making a claim. Start a free estimate for general liability insurance with us today to discover more. We can also assist you in obtaining other crucial company insurance policies, such as commercial auto and property insurance.

Many small businesses need Business insurance. You can get the coverage by adding it to your Business Owner’s Policy. To learn how you can protect your business, get an insurance quote today or call 800-750-9115 today.

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Finance

Business Insurance Types

The Best Forms of Business Insurance

There are numerous insurance choices available for company owners. Insurance shields your business from a variety of dangers that could arise in the course of daily business. It might be difficult to decide what type of company insurance you require, but we can assist you.

For their small business insurance requirements, many business owners begin with a Business Owner’s Policy (BOP). It incorporates three crucial protections:

We made our BOP adaptable so you can increase your protection by adding additional commercial insurance policies. For instance, you might wish to purchase a professional liability insurance policy if your company offers consumers a professional service. It can assist in defending your company against allegations that it rendered subpar professional services.

We are aware that every company is unique. We’re here to assist you get the appropriate kinds of company insurance because of this.

Consider These 8 Types of Insurance for Small Businesses

Depending on the industry you’re in, you might need to obtain several types of insurance. That’s because each firm deals with different risks and obstacles.

While there are other insurance options available, this article will focus on eight policies that many small businesses might get to help safeguard them against a range of dangers.

1. General Liability Insurance (GLI)

 Your company can be shielded from lawsuits by purchasing general liability insurance.

  • Bodily injury to someone else
  • Property damage to another person’s belongings
  • Personal injury, like libel or slander

2. Commercial Property Insurance

The facility and equipment you own or rent to conduct your business are protected by commercial property insurance.

Be advised that neither earthquake nor flood damage are covered by this insurance. To protect your company from these types of claims, you’ll probably need to get a different policy, such as commercial flood insurance

3. Business Income Insurance

Firm income insurance can assist in making up for lost income if covered property damage prevents you from operating your business. Therefore, you can utilize this coverage to subsidize recurring costs like rent, utilities, or wages. Business interruption insurance is another name for this kind of coverage.

4. Professional Liability Insurance

Litigations alleging errors in the services you rendered are covered by professional liability insurance. Also called as errors and omissions (E&O) insurance, this kind of coverage.

5. Workers’ Compensation Insurance

If one of your employees is injured or becomes ill while working, workers’ compensation insurance provides benefits. These advantages may assist:

  • Pay their medical expenses
  • If they miss work to heal, replace the majority of their lost pay.
  • If they pass away as a result of an illness or injury sustained at work, pay for funeral expenses.
  • Pay for continuing medical care, such as physical therapy.

The majority of states mandate that companies with employees maintain workers’ compensation insurance. If you break the law in your state, you could be subject to fines, jail time, and criminal charges.

6. Data Breach Insurance

If personally identifiable information is lost or stolen, data breach insurance can assist your company deal with the situation. This coverage may be known as cyber insurance by some insurers.

Data breach insurance can assist in covering your expenses for:

  • Notify those who will be impacted
  • provide services for detecting identity fraud
  • Create a public relations campaign

7. Commercial Umbrella Insurance

Some of your liability plans’ coverage limits are increased by commercial umbrella insurance. So, if a claim is more than the policy’s maximum, your umbrella insurance may assist make up the difference.

8. Commercial Auto Insurance

If you use company-owned vehicles for business purposes, commercial auto insurance can help to protect you, your drivers, and your passengers. In the event that your firm causes an accident, it may help pay for property damage and physical injury claims. This is crucial because if you cause an accident with a company vehicle, your personal auto insurance won’t aid with third-party claims.

What Various Insurance Types Are Needed for Small Business Insurance?

The law may require you to carry particular forms of insurance, depending on your sort of business and where you reside. For instance, the majority of states mandate workers’ compensation insurance for firms. Some states have industry-specific regulations for business insurance. Accountants, for instance, might need to purchase professional liability insurance.

Make sure you are aware of the requirements for business insurance in your state. To be sure you’re adhering to rules, you can consult with an insurance agent. They can assist you in creating an insurance plan that suits your demands and financial situation.

Discover the types of business insurance that can be necessary.

Business insurance coverage is crucial, regardless of the size of your company or any market trends. When startups initially open their doors, it can help them build a solid foundation. Additionally, it’s crucial for seasoned business owners because the requirements for a policy may alter over time based on your industry and the types of insurance you carry.

More than 1 million small business owners have benefited, which has 20 years of experience. The same is what our experts wish to provide for you. We can help you to obtain the forms of commercial insurance that your firm requires. Find out how we can assist you by requesting a business insurance quotation today or  call us at  800-750-9115

Categories
Finance

Why does insurance often provide peace of mind?

Insurance is an interesting product. It’s so old that even Shakespeare referenced its existence, yet it still has relevance today. Some people see insurance as a waste of money if they don’t need it, but this isn’t always the case. Insurance can be a very useful safety net if something unexpected happens. Here are some reasons why:

Small business owners often think insurance is too expensive or not necessary.

Many people don’t realize that insurance companies pay out millions of dollars every year. It’s true! Most insurers are in business to make money, and they need to keep paying out claims to do so. If they didn’t, they’d go out of business—and the whole system would collapse because no one would take out insurance anymore.

Most people don’t like surprises. When you’re insured, it’s rare that you’ll be surprised by the cost of an emergency. For example, if your car gets damaged in a fire or someone crashes into it while driving drunk, insurance will help pay for the damage to your vehicle and other expenses related to the accident. Without insurance, these kinds of unexpected costs can be financially devastating and make it difficult for you to get back on track. This means that even if an incident seems minor at first glance—like a broken window—insurance can help prevent any further financial complications from arising out of that incident later down the line.

Insurance can help lower transaction costs, which is good for everyone.

  • Finding a trustworthy and reputable contractor
  • Buying or leasing equipment for your business
  • Making sure that the contractors you’ve hired know what they’re doing and won’t botch up your project (or, worse yet, steal from you)

Insurance can be a very useful safety net if something unexpected happens.

Imagine you are at work and suddenly your car gets into an accident. You need to get to the hospital right away, but the ambulance can’t come because of the bad weather. What do you do?

With insurance, this is no longer a problem. If you have medical insurance, your medical bills will be covered by your health plan if you are hospitalized or treated at home by a doctor. And if it happens that nobody is responsible for the accident—for example, everyone was driving carefully but other drivers took advantage of bad weather conditions and crashed into each other—your car insurance might cover some or all repair costs as well as any loss of use for two weeks while it’s being repaired.

If one person does end up responsible for an accident caused by another party’s negligence (like speeding or running a red light), there may be legal action taken against them as well on top of their own coverage limits under their own policy provisions (if they’re insured). Insurance companies will generally fight hard on behalf of their clients when they believe they’re right in claiming that someone else was negligent in causing an accident involving their client vehicle(s).

We hope this blog has helped to explain why insurance is such a popular product. While it’s true that not everyone needs it, we believe that most people should consider purchasing from Global Guard Insurance. There are many different types of policies available today and they all differ slightly from one another in terms of how much coverage they provide or how much money will be needed out-of-pocket before an accident occurs (or both).