If you own a start-up or small business, you’ll have a lot on your mind. Your income depends on the quality and quantity of your work, your marketing strategies and even the state of the economy, because you rely on people being able to afford your services or products.
But one thing you don’t need to lose sleep over is what would happen if you were sued by a client for personal injury or financial loss, or have your business premises and equipment destroyed, damaged or stolen. Those risks can be easily insured against, as would any related legal fees.
General contractor liability insurance is paid on behalf of an insured party to render services and compensate for negligence according to a law or contract. There are two ways to utilize commercial general liability insurance. It is available through an Occurrence Form, which provides liability coverage for loss or injury that happens during the policy period (regardless of the date on which the claim was reported), or through a Claims Made Form, which provides coverage only if, during the policy period, a written claim is made.
This type of insurance is designed to protect policyholders from lawsuits and other claims, which is particularly important for businesses. If the policyholder is sued for claims that took place during the policy’s coverage period, they will be protected, and should be able to avoid financial peril. There are many factors to consider before purchasing commercial and professional liability insurance policies.
In conclusion, it is necessary to insure against the sorts of threats your business is most likely to encounter regularly, instead of the occasional rare threat that is encountered once or twice – if at all – over the business’s lifespan. To get started on protection for your business, speak to your trusted advisors today. Most insurance partners should be able to provide you with business liability insurance quotes that are tailored to your business needs.