If you own a business, it’s best to make sure that you take every necessary precaution to protect it. Having a good commercial liability plan is one of those essential steps. Having commercial liability for your business is mandatory, so it’s important to make sure you have an affordable plan you can trust.
Commercial Liability Insurance protects against a variety of risks and circumstances that could be present when running a business. It protects you and your workers from injury or damage stemming from anything work-related. This type of insurance typically covers:
- Body or property injury
- Medical payments
- Lawsuits, investigations, and settlements
- Injury damages
- Personal and advertising injury
- Advertising and copyright claims
While general liability is extremely important to have, it only protects against third-party damages. The third party refers to the ones that have a claim against your business, which means commercial liability insurance doesn’t cover theft or damage to your property; this is typically covered in a business owner’s policy.
If you or someone in your business gets involved in one single accident or lawsuit and you don’t have commercial liability insurance, you may not be able to handle the costs. While having this type of insurance isn’t legally required, it’s highly recommended to have it so you don’t find yourself responsible for expenses that your business can’t afford to pay.
With getting commercial liability insurance, as with any insurance plan, there are certain eligibility questions you must pass for the insurance company to know that you are a real business and to determine what your final coverage and costs will be.
Getting construction business insurance in Chicago or surrounding areas doesn’t have to be hard, and with Atlantic Insurance Agency, it won’t be. We’ll do all the work in connecting you with an insurance policy that works for you and your business.