Business Insurance Options For General Liability

Business insurance protects your company from any claim or financial loss in the event of a fire, accident, disaster, sabotage, or any other unforeseen events. This being the case, like most personal insurance, there are several different classes of business insurance, and which types you require will be dependent on how you conduct business, what you do, where you do business, and who else is involved. In this article, we’ll explore the three basic types of business insurance.

The first category, and probably the least intuitive, are property insurance coverage. This includes protecting your building and contents from damages caused by theft, vandalism, or damage done by a third party. Different types of property protection include liability, physical damage, theft, fire, explosions, vandalism, and malicious mischief. To get the best results, it’s important to buy the appropriate policy for your business’ needs, as each one varies substantially, so it’s best to consult with an expert prior to making any decisions.

Another category of business insurance is general liability insurance. General liability coverage protects your employees for liability caused by your business. It also covers your property and personal property, for liability that may occur from any injury or damage caused by your employees in your establishment. As with property protection, the best policies often offer these types of coverage for one or two employees, instead of hiring several at a time.

The next type of insurance is physical damage coverage. This protects you if someone is hurt while visiting your business or coming in on a work day. Different physical damage insurance providers offer different values for liability coverage, but the key value is 1 million dollars per accident.

Another category of business insurance available to business owners is commercial general liability. A commercial general liability policy covers you if someone is injured while visiting your place of business or while working at your establishment. This can include slip and fall injuries, cuts or scratches, trip hazards, and similar injuries. You’ll find these policies offered from various insurance providers, so it’s best to compare different quotes to get the best deal. Some providers offer special options, such as personal injury protection, which can help protect you in situations where you are sued for something your staff did.

Other policies protect your company in the event that you’re sued by an individual or entity that is not related to your business. If a sole proprietor or sole trader is sued by another business for something done on their premises, your business is protected. Your liability insurance cost will be reduced by this amount, allowing your business to remain afloat during these tough economic times. Also, if you’re sued and found innocent, you can recover damages from the other party as well, which can be very helpful in settling any legal issues.

Most business insurance policies will include coverage for injury lawsuits. If you work with individuals or companies on a regular basis, you may want to consider forming a limited liability company (LLC). Setting up an LLC means you’ll have just one account and only that one income. Also, limited liability companies have the advantage of being able to collect taxes at the same reduced rate as sole proprietors, which can make them more affordable.

There are numerous other types of policies that are designed specifically for different types of businesses. Many businesses are small enough to not require comprehensive coverage. However, many businesses do require some type of coverage, since liability is often a problem in many industries. In addition, some types of businesses are subjected to lawsuits that are not brought on their premises, such as certain types of art galleries or wedding preparation studios. For these businesses, general liability insurance is a good idea, especially since these businesses may be sued for any damage or injury caused by visitors who may come into contact with their work space.