General liability insurance is an important tool to have on hand. It protects your business from lawsuits involving accidents that take place on your property or in the place where you conduct business. It also covers any damage that your clients’ property may sustain. It can also help cover the costs of accidents involving your trademarks or copyrights.
General liability insurance works alongside commercial auto insurance to cover the most common risks that business owners face. For example, if a contractor were to fall off his ladder and break a window, the insurance would reimburse them. However, general liability insurance does not cover the costs of poor workmanship or poor design. For these reasons, general liability insurance is important for any business.
The cost of liability insurance is usually between $300 and $1000 per year, but it varies based on the type of business. Different types of businesses will have different needs and different risks. The figures above are only estimates; an insurance agent can provide a more accurate quote. Risk management measures like implementing proper processes and procedures can help reduce premiums.
General liability insurance is not a legal requirement for all businesses. However, it is a wise investment. A mistake or oversight on your part can cost you a lot of money in the form of attorney’s fees, court costs, and damages. Therefore, it is prudent to invest in commercial liability insurance. While it is not required by law, it is strongly recommended for any business. When in doubt, it is a good idea to speak with an insurance agent.
Bodily injury is a common claim that occurs on a business’ property. In some cases, the owner or operator of the business may be held liable for the injuries that occurred. Other common types of liability claim include property damage. For instance, a customer may fall on his property while visiting your store or office. Another common type of liability insurance covers claims for copyright infringement, where the business has used someone else’s work in its marketing efforts.
If you’re thinking about purchasing a general liability insurance policy, don’t rush into a decision. You should compare several quotes to find the best deal. It is important to understand the amount of coverage and the deductible. You may be able to reduce the cost by lowering your deductible. But don’t forget to consider the cost of legal fees if you’re not covered.
If you’re a contractor, you should ensure that you have a general liability insurance policy that covers you and your business. In addition to liability insurance, you should also consider indemnity insurance. This type of coverage protects the owner and his employees from lawsuits. If you’re a homeowner who performs work on his own property, a general liability insurance policy may not be required by law.
In the state of Georgia, the law requires that you have liability insurance in order to drive a vehicle. If you cause an accident, the other party can sue you for pain and suffering, or damage to their property. In addition to damages, you could also be sued for property and economic loss.