When a business owner makes decisions about liability insurance, they should do so only after careful consideration and significant research. Business insurance offers protection from legal hassles and unexpected events. Below are five elements to ask about when choosing a Business Insurance Policy through website.
What is Covered by Business Liability Insurance?
Most general liability policies for businesses cover different areas of liability, including alleged and actual physical damage, property damage, injuries on the premises, medical bills, cases of copyright infringement, libel, slander and misleading advertising, legal fees, settlement costs and fire damage. A business insurance agent will help the client determine which coverage areas fit the company’s needs.
Who is Covered by a Business Liability Policy?
Every policy and every business is different, but certain commonalities exist. With most business insurance policies, the business type determines exactly who is covered. If the business is a sole proprietorship, the owner and his or her spouse may be covered. If the company is a corporation, the owner, co-owners, shareholders, directors and officers can be protected. Ask an insurance agent which policy type suits the company’s structure.
What are the Limits on the General Business Liability Policy?
Policy or coverage limits are the amount the insurance company will pay out in the event of a successful claim. It is important for business owners to ensure that the coverage limit is high enough to protect the company in case of a lawsuit, as legal fees can quickly accumulate. An agent can help a customer choose a policy limit that provides sufficient protection for the risks encountered.
Are Subcontractors Covered by the Policy?
A Business Insurance Policy can present special difficulties for businesses using subcontractors. These non-employee workers are not always protected under business insurance policies. A local insurance agent can tell a customer about state law, and they can determine which policy meets the company’s needs while remaining in compliance.
Is it Necessary to Buy any Specialized Endorsements or Products?
If the client needs extra coverage under a general business liability policy, they should ask about special endorsements or products such as those listed below.
* Worker’s comp
* Pollution liability
* Liquor liability
* Aviation and marine liability
An independent local insurance agent can help business owners find the right liability policy for the company’s needs and its budget. You can also visit them on Facebook for more information.
