As a smart business owner, one of the ways you protect the investment in your business is through liability insurance. While standard liability coverage will protect you in most situations, sometimes it may not be enough. Without adequate liability protection, your business and personal assets may be at risk.
Normally, it is difficult for businesses or general contractors to work without general insurance. General liability insurance is intended to guard operators and owners of companies from claims that may come from a broad spectrum of sources. These exposures could be just about anything, including liability engendered by accidents from the operations of the insured party, contractual liability, products manufactured by the insured party, etc.
The liability you select, whether it is one, two, or three million dollars, determines the cost of general liability insurance. Also factored into the rates are the kind of work undertaken, gross receipts and total payroll expenses. Similar to auto insurance, when it comes to general liability insurance, you will first have to make a down payment and then follow it up with installments. Before buying general liability insurance, it is best to compare the quotes available in the market.
It is the business owner’s or general contractor’s job to make sure that the people working under him/her are covered by an insurance policy. If for example, a person who is not a part of the project gets injured, the injured person’s lawyer can target just about anyone involved in the project. The more individuals that are involved, the greater the chances of a successful lawsuit.
Our partner, Grinnell Mutual®, offers commercial umbrella liability insurance that can provide the protection both you and your company need. It covers claims beyond the limits of your current liability policy.
Contact Pardridge Insurance today at 815-758-4447 for a quote or to learn more about the role of commercial umbrella insurance.
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