Liability risks can be a threat to your business, ...
You have a duty as a small business owner to safeguard the individuals who contribute to the success ofyour company, your clients and your employees. They should count on you to be there for them if an accident or loss occurs.
General liability insurance and workers’ compensation insurance are two common ways that provide solutions to these issues. What distinguishes these two forms of protection, and what can you anticipate from each? Let’s look at the differences together.
A type of business insurance called general liability insurance assists in defending your company against liability claims for the following:
General liability insurance will pay court costs, settlement and judgment fees, and attorney’s fees up to the policy’s limit for a covered claim. While generally not required, this insurance may be mandatory in certain industries, like construction. It may also be requested by your property owner, mortgage company, or even clients.
This coverage is frequently referred to as commercial liability insurance or business liability insurance. Be mindful that while this sort of insurance covers third-party claims, it does not shield your company’s assets from harm or provide compensation for injured employees.
You need commercial property insurance to be able to acquire coverage for your company’s assets. You should also consider professional liability if you have this exposure.
Workers’ compensation insurance, in contrast to general liability insurance, is a state-mandated coverage that addresses the requirements of the employees when they sustain an injury at work. To cover medical costs, time loss and disabilities, for instance, you would file a worker’s compensation claim if an employee is injured while at work.
Your employees and their beneficiaries may submit a claim for the following under workers’ compensation coverage:
It is crucial to have both general liability and workers’ compensation coverage since they defend you against distinct types of claims.
Although general liability and workers’ compensation have certain parallels, they also have some significant distinctions. Both policies cover bodily injury, with the difference being which injuries are covered by each coverage.
General liability protects your company from lawsuits brought by non-employees. Anyone employed by your business who suffers an accident while carrying out duties linked to their jobs is covered by workers’ compensation.
You need general liability and workers’ compensation in addition to other lines of coverage to run a successful business. To find out more about the kinds of coverage you need to safeguard your company, get in touch with us right away.
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Contact the experts at Leap Carpenter Kemps Insurance Agency. We’ve been in business for over seven decades and have licensed experts on hand to guide you on the best coverage for your organization. Call for a free quote today!
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Leap | Carpenter | Kemps Insurance Agency provides Commercial Business Insurance, Employee Benefits, Life and Health Insurance, and Personal Insurance to all of California, including Merced, Atwater, Los Banos, Mariposa, Madera, Fresno, Modesto, Turlock, and Stockton.
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