General Liability Insurance - What A Business Should Have?
In California, General Liability Insurance plan is the best option for business owners
. This plan covers the businesses against different liabilities and claims which may lead to huge losses for the company. Going through this article, you will get a brief idea on the general liability insurance.In California, business owners may find general liability insurance a costly affair, but they also find it to be the most effective and reliable business insurance policy. Companies usually buy this policy to safeguard themselves against the liabilities and claims made by the third parties. For this reason the government has made this policy mandatory in the state.
Individuals Covered
* Apart from the business owners, other individuals associated with the company are also covered by this policy.
* In a partnership business or joint venture, all the partners along with their spouse are protected under this policy.
* Executives, directors, shareholders and employees are covered under this policy in the case of a business corporation.
* If a company has 50% share in any subsidiary, then coverage is also extended to that subsidiary.
* Person or any other organization indemnified by a firm with an agreement, is also covered against liability claims arising out of property of bodily damage due to the sale or distribution of products manufactured by the firm.
* A new business is automatically covered by the general liability plan for the first three months. But after that, the owner of the business has to update the policy to enjoy the protection.
* Legal associates of a business are also covered under this policy for liabilities arising out of their service offered on behalf of the firm.
Costs Covered
* With general liability insurance policy, the owner of a business house gets protected against the various financial risks involved. The costs covered by this policy are;
* Cost to investigate the suits filed against your business which includes attorney fees, court fees, witness fees and police report expenses. This also includes the cost of defending your business from such claims.
* In many cases you may be asked by the insurance provider to assist them for your defense against a claim. For this the income you lose is reimbursed by the provider as your policy covers the cost.
* Medical expenses of the injured are covered under this policy.
* In a liability suit, to ensure the payment of judgment, court may ask you to post a bond. The premium of the bond is paid by the insurance provider.
Liabilities Covered
There are numerous liabilities covered by this policy. They are bodily injury, property damage, personal injury, advertising injury, products-completed operations, contractual liability, liquor liability, fire or explosion damage, hired auto and non-owned auto, legal defense expenses, employee injuries and medical payments. Though all are necessary, the most important of them are explained;
* Bodily Injury Protect your business from injuries or harms caused to other people resulting out of your company's operations.
* Property Damage Protect your business from damages caused to others' properties as a result of your company's operations.
* Personal Injury Provide protection to you when someone claims that your business has caused him damage which is not physical.
* Advertising Injury Safeguards your business from claims arising out of the advertising methods used by your business.
If you are a business owner, you can run a quick check online to find providers offering you the best insurance plan on general liability California based businessmen can find several such general liability insurance providers who offer the best policies at affordable price.
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