While most individuals are concerned about protecting their assets, business entities must also consider this. A majority of business or commercial insurance policies are not standardized. Instead, the insurance seeker needs to consult with an insurance agent or agency representatives to design a tailored plan that meets all the requirements perfectly. It is not surprising to learn that, regardless of the plan, general liability insurance in San Francisco and Berkeley, CA, is likely to be included in the protection plan of all business entities, regardless of their size or operations.
The general liability insurance enables the insured business owner to be protected from all liability claims filed by a third party, such as a customer, vendor, or visitor to the business premises/office/showroom. Indeed, many small business owners are uncertain about the effectiveness of such an insurance policy. Insurance experts recommend the following to consider being covered by a suitable plan at the earliest:
l Small businesses operating in one or multiple physical locations.
l Contractors working on client properties
l Companies interacting with the public, vendors, or customers
It is also essential to ask about the policy limits to be convinced about the benefits of the coverage. The general insurance liability coverage is available with two distinct limits, namely:
Per Occurrence Limit- The insured person may obtain the maximum payout for a single claim
Aggregate Limit - There is a cap on total payouts for the various claims filed during the policy's active period.
Indeed, purchasing such an insurance policy is crucial for all business owners. It makes sense to go through the available coverage before signing on the dotted line. The inclusions of general liability insurance are as follows: -
Bodily Injury and Property Damage - The insurance coverage enables the business to remain protected when a third-party liability claim is filed for bodily injuries.
Property Damage- The cost of repairs and replacement of a damaged asset belonging to a third party is paid by the insurance company.
Personal and Advertising Injury – The insurer will pay compensation for reputation damage caused to a third party due to libel, slander, and incorrect advertisements.
Medical Payments-This coverage has the insurance company reimbursing the medical expenses due to physical harm to a third party. The compensation is provided even when the claimant is at fault.
Products and Services - The insurance will pay for inadvertent harm caused to the claimant by consuming products or services sold by the insured.
Tenant's Legal Liability- Any accidental damage to a rented or leased business property is also compensated by the insurance company. The tenant may file a liability claim that necessitates this coverage.
Legal Defense Costs - All legal costs incurred to defend a liability claim are paid by the insurer. This includes lawyers’ fees and court fees as well.
Business Reputation - A lawsuit against a business can be expensive. Thankfully, the insurance covers the legal expenses for defense, ensuring affordability for the insured business.
Individual contractors and business entities that bid successfully for construction projects need to be protected from all risks by purchasing the right contractors’ insurance in San Francisco and Berkeley, CA.
