What is General Liability Insurance?
Are you starting a new business? You’re going to need general liability insurance or Commercial General Business Liability policy. Business general liability insurance coverage is vital for most companies and will protect your company from catastrophic loss.
Typically, general liability insurance in Utah protects you and your company from wide-ranging claims that involve bodily injuries and property damage. A general liability policy also protects you against damage caused by your products.
General liability insurance from one of the best insurance companies in Utah helps cover medical expenses and the cost of your legal defense. This type of insurance takes care of settlements or awards should you or your employees be sued. Coverage includes nonmonetary losses experienced by the injured party, compensatory damages, and corrective damages levied against your company.
General liability insurance in Utah will also cover misleading or claims of false advertising. Copyright infringement, libel, and slander is also a part of liability policies.
Unfortunately, general liability insurance does not cover employee injuries, professional liability, auto-related coverage, punitive damages, and intentional acts.
Why Does Your Company Need Liability Insurance?
In today’s litigious society purchasing liability insurance is a wise investment. Annual premiums are affordable and may range from $500 to $2000 depending on your business and coverage needs. Any monthly or yearly insurance amount is less than the thousands of dollars you may need to fight your case in court.
General liability insurance can be purchased as a separate policy, or it can be included as a part of a Business Owner’s Policy (BOP). BOP bundles your property and liability insurance into one policy which makes it more affordable. Check your policy often, however, to ensure that your coverage is up to date.
How do You Determine Your Coverage Needs?
Discuss your business plans with one of the best insurance companies in Utah. They will walk you through determining the perceived risk you might face according to the business you have. For example, a web designer or a business consultant will need less liability insurance than a building contractor or heavy machine operator.
The state your business is in is also a factor in determining how much coverage you need. Some states will reward high awards to plaintiffs who are claiming personal injury at your business. Discuss with a licensed liability professional to discover if your state generally awards high damages to injured parties.
Does this all sound confusing? When assessing risk, find the best liability insurance company in Utah and let them guide you through the pitfalls of liability insurance. Also, check out the SBA’s Four Tips for Buying Business Insurance.
Begin your liability insurance search by:
- Assessing your risks. Determine what types of accidents, natural disaster or lawsuits could potentially damage your business.
- Find a reputable licensed agent. Commercial insurance agents will help you design a policy that matches your business. One of the best insurance agencies in Utah works for your needs and not their own compensation.
- Shop around. Prices and benefits can vary. Compare rate, benefits, and terms from several companies.
- Re-assess your insurance policy every year. Your business will grow, and so will your liabilities. If you have expanded operations, purchased new equipment or hired more employees to contact a Utah risk management firm and discuss the changes in your business.
