Each business has its own needs, but you still want to make sure you are covered by some insurance, no matter how small your company is. In short, general liability insurance for small business tends to cover things like personal liability for members and the consequences associated with third party claims for property damage / injury. You can add additional items of medical injury for yourself and damage for your own property.
When you are looking over CGL policies, you'll see terms such as "General Aggregate Limit". This refers to the advertising or personal injury, medical payments, and/or fire damage. "Operations coverage" refers to the basic coverage afforded for property damage and bodily injury due from your or an employee's negligence.
You might also see "Products and Completed Operations Limit" depending on your line of work. This coverage includes protection for those who manufacture or sell a particular product, or are contractors providing services. If damage occurs and your product or negligent service could be responsible, you'll obviously face a lawsuit. This is a type of separate aggregate limit and the claims of its nature will not reduce the General Aggregate Limit, although it will still be subject to limits such as "Per Occurrence Limit" for each claim.
General Liability Insurance for Small Business Limits and Claims
The "Per Occurrence Limit" refers to the maximum amount that the policy will pay for a single claim arising from your Personal or Advertising Injury / Operations / Products and Completed Operations. Each of these claims WILL decrease the separate aggregate limit.
A few other terms you'll find include Personal and Advertising injury, Fire Damage, Medical Payments, Bodily Injury, and Damage to 3rd Party Property, which are all self-explanatory.
Your industry will also play a role in the exact type of coverage you need. When searching for general liability insurance for small business, see if there is any tailored insurance available. Choose a company that specializes in businesses such as yours and have coverage tailored to risks prevalent in your particular field. Consider the risks you'll likely be facing that might not be covered in a GCL or Business Owner's Policy (BOP) and have those risks included in your coverage.
Commercial insurance is important for business entrepreneurs irrespective of the size of their business. Apart from comprehensiveness, the Commercial Insurance Clovis gives must also have enough flexibility. You can have an overwhelming number of options when you consider insurance for your business. Before starting a business, the entrepreneur writes a business plan. The policy is to help protect the business owner from unseen, unwanted events such as theft, fire, property damage, and employee injuries.
Different Options of Commercial
When one buys insurance, everyone expects the best protection with competitive pricing. The Commercial Insurance Clovis gives covers all these:
â Professional liability.
â Worker compensation.
â Commercial property.
â Business insurance.
â Commercial auto liability.
â Commercial umbrella.
â Product liability insurance.
A company might not need all the insurances listed above. One can check the features of each and select the insurance that suits their need.
The most important Commercial Insurance Clovis gives is liability insurance. This protects your company when it causes damage to another individual or company. This protection also includes defective products and the damage to a person on your business premises. You remain protected from property damages and personal injury. A lawsuit against your company can lead to bankruptcy but the liability insurance will protect you from that.
The employees in the company need protection under state law. This is to provide compensation if they get injured while working for the company. But, there is a stipulation that this is applicable only if you have a specific number of employees.
Your bank will ask for this type of insurance when they hold your mortgage. Also, if you have rented commercial space from your landlord, then he might ask for this kind of insurance. The commercial property insurance protects the owner from damages to the property such as fire damage, weather damage, and theft.
This covers various aspects of the business and depends on the size of the business. When you have a warehouse containing inflammable material, you must consider the insurance that covers fire damage. A Business Owners Policy (BOP) helps a business with more than 100 employees.
If your company uses vehicles, you might consider including commercial vehicles also. When many customers visit your business premises, liability insurance is also a must.
Commercial Auto Liability
This Commercial Insurance Clovis covers the business that uses commercial vehicles. The insurance protects you from any kind of damage the vehicle suffers, accidents, fire, and theft. You can also have an extended cover for covering delays in transporting passengers and goods.
This is also called the Excess Liability. If you work for a vendor, they might need this insurance from you. You might have insurance policy cover for many things but at times this might not be enough. In this case, the Commercial Umbrella insurance will cover it for you.
It is vital to keep your insurance up to date all the time. If you don't, you will remain disadvantaged when you find out your policy has expired and you need the insurance cover.