A lot of small business owners invest in a commercial general liability policy. But what does commercial general liability insurance policy cover ? It is very important that business owners have basic idea of what, where and who is covered (& what, where and who is excluded).
What does commercial general liability insurance cover? People should understand what liability car insurance is. Road accidents are among the major causes of death in the country today. Any bodily injuries caused while the owner is driving the vehicle are also covered.
Take note that liability insurance does not pay for damages to the owner’s car. In other words, policyholders are not covered if their vehicle is damaged or they become injured in an accident. There are a lot of insurance agencies that will help vehicle owners. General liability insurance coverage is not always required for contractors, but it could help you with fees associated with lawsuits regardless of who is at fault. Problems with construction or installation can cause headaches for contractors and owners alike. You can’t do everything at a job by yourself, and you can’t always control what happens. Defect lawsuits can really add up in time lost and court fees. Do you have enough money or property you can sell to pay for such a loss? This is usually the first question on a business owners mind. The protection public liability insurance offers is simple but essential. General liability insurance coverage includes liability protection for both products and completed operations exposures. Alternatively, completed operations protects against faulty services or work performed by a business. General liability coverage typically includes coverage for any damages to non-owned land, buildings, or structures. You might have additional insurance needs that arent covered by general liability insurance. Most business opt to have general liability insurance. Once you find the perfect plan, your insurance needs may still be incomplete.
While individual plans vary, most general liability insurance coverage extends to you and your employees alone. There are two ways companies tend to deal with the insurance issues surrounding subcontractors. While this approach is much easier for your subcontractor, the downside is that it does cost you a lot more money out of pocket immediately. For example, a subcontractor just starting out may not have had time to complete all the insurance paperwork required. A much better solution for most companies is to simply require all subcontractors you work with to have their own insurance policies.
Does general liability insurance cover subcontractors? We hope this article on does general liability insurance cover subcontractors? Also known as commercial liability insurance or business liability insurance, this type of policy covers medical and legal expenses in the event of a claim. You business will be protected if you or one of your employees causes damage to another person or company’s property. Do note that general liability covers damage only to third-party property, not your own property. Commercial liability policies will also protect you in the event that a third party suffers a bodily injury on your property or as a result of your business operations. Bodily injury could be something that just happens to take place on your property, like someone tripping on the edge of a rug in your store.
Once again, note that you and your employees are not covered by this policy.
Among the area covers are libel and slander, which are reputational injuries, or injury to a person or company’s image or standing. If you’re a construction, hardscaping, or home improvement professional operating as a contractor, you probably already know that liability insurance is required in most states to legally operate your business.