Arkansas General Liability Insurance – AR
Arkansas General liability insurance is must-have coverage to have for any businesses big or small.
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This kind of insurance shields your business against any claims stemming from injury to third parties or your customers.
The fact is that many businesses face some form of risk, which is why they must have general liability insurance.
This type of coverage can help protect your business against claims related to malpractice or bodily harm.
General liability insurance in Arkansas is offered in several types of coverage, and the one you need will depend on the kind of business you operate.
For example, if you run a construction business, then you will opt for a higher level of general liability insurance coverage.
5 Key Reasons Why You Require General Liability Insurance in Arkansas
One of the most common questions business owners ask is do I really require general liability insurance? And the short answer is Yes!
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As a business operator, you should already know that operating any kind of business is already risky.
General liability insurance in Arkansas not only protects your business against claims originating from injury and property damage but also any liabilities as a tenant if you are renting a property.
Further, it extends coverage for not only your business but also your employees against claims resulting from injury or property damage to third parties.
Apart from being an important part of your business, here are 5 key reasons your business requires general liability insurance.
Workers’ Compensation Insurance in Arkansas
If you are a handyman, you already should be aware of the cash you can lose if you fall ill.
As a handyman, you are not covered by government workers’ compensation benefits, therefore you should have AR handyman insurance.
Research indicates that injuries to independent workers in Arkansas were increased by a whopping 12 percent.
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When you buy Arkansas general liability insurance, you are covered financially for medical costs related to the injury at the job.
Depending on the general liability insurance coverage you select, you may also be eligible for cash for the weeks you are off work.
Third-Party Bodily Injury Protection
This is perhaps the biggest reason to get general liability insurance in Arkansas.
If your company provides services that can cause harm to others including customers, then buying general liability insurance should not be an option.
One great example of this is AR dog walker insurance, which shields your pet sitting business if the pet causes harm to others.
Another example is when you are repairing your client’s drywall, and they slip over your tools, then you will be accountable for their injury.
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If you have general liability insurance in Arkansas, your policy will pay for the costs of these claims.
Third-Party Property Damage
Another important reason to get general liability insurance in Arkansas is to protect your business from third-party property damage.
For example, you are restoring your customer’s roof, and you mistakenly damage an expensive vase, then you will have to pay for the damages.
Depending on the cost of what you damage, you may have to pay for these claims from your own savings, that is if you do not have a general liability insurance policy.
Arkansas General liability insurance can help protect your business against any lawsuits originating from claims that you poorly deliver services as promised.
Things such as poor workmanship can be covered under a general liability insurance policy.
General liability insurance can also mostly include professional liability insurance, so speak to your insurance agency to check if they provide this form of insurance.
While general liability insurance shields your business against myriad different kinds of claims, professional liability insurance is more geared towards errors you make in your business services.
If you are manufacturing and selling things under your own label, then it is wise to have general liability insurance in Arkansas, and here is why!
If a person claims bodily harm due to the use of your company’s products, then general liability insurance will cover you against these kinds of claims.
And if you sell your products via your website, then it is a smart idea to check out AR eCommerce insurance to better shield your interests.
Take, for example, your company is selling facial creams, and a person has an allergic reaction to your cream, then general liability insurance can help cover costs if you get sued.
What is Not Shielded Under General Liability Insurance?
Depending on the kind of general liability insurance you choose, some things may not be covered under your insurance contract.
The first thing that may not be covered is against lawsuits not related to your services. Employee illnesses may also not be covered under your general liability insurance policy.
As a business, you may be hauling several expensive tools in your car or even at your end user’s property.
If these tools do get stolen, you will require specialized general liability insurance.
In the incident of theft of your personal belongings, your auto insurance policy will not protect these things against theft.
Another area where general liability insurance may not offer coverage is if you make glitches in your services.
When investing in general liability insurance, you should choose your coverage limit wisely. Because your general liability insurance policy will not pay costs that exceed your policy limit.
Different Forms of General Liability Insurance
General liability insurance is a widely used term for several types of insurances, most notably:
General Liability Insurance
Also known as CGL commercial liability insurance or BL form of insurance protects your corporation against claims that cause bodily injury or property damage to someone else.
Furthermore, general liability insurance also covers your business against reputational harm or errors in your advertising.
Some examples of things general liability insurance will shield your business against include property damage, advertising errors, and reputational harm.
Professional Liability Insurance PL
Also referred to as errors and omissions insurance, professional liability insurance comes claims against your business that stem from errors in the services you give.
For example, if you are a chartered accountant that gives a client with wrong figures, and they sue you, professional liability insurance will compensate the legal expenses.
If you offer professional services to customers, then you should as your insurance company about professional liability insurance.
Employer Liability Insurance
If your company has many staff, opting for employee liability insurance is a good idea.
This form of insurance covers your workers against any injury they may incur at the worksite.
Furthermore, employer liability insurance can also provide disability benefits, missed wages, and funeral costs.
What is the Price of General Liability Insurance?
The cost for general liability insurance changes across insurance providers. It depends on many different factors including the sort of business you are running.
For example, if you are running a drywall business, then the charge for your premiums will be higher than other kinds of businesses, hence you should explore AR roofing insurance.
But to give you a ballpark idea, general liability insurance costs $40 per month, but a little lower if you opt to pay annually.
High-risk industries can expect to pay higher premiums such as contracting categories.
You can save money if you pay for your insurance policy in full annually.
Further, you can also save money on your general liability insurance policy if you club all your policies under one insurance agency.
You should also minimize your business claims on your general liability insurance plan.
How to Locate General Liability Insurance Companies in Arkansas?
When looking for the best general liability insurance agent in your city, it is important to check the organization’s reputation.
You should then select your coverage limit, where the higher the coverage, the higher the cost of premiums.
But it is critically important that you choose the right amount of coverage.
If you are unclear about the coverage limit you need, speak to your general liability insurance company to help evaluate your organization’s risks for the right coverage limit.
But $1 million and $2 million are the most chosen coverage limits of general liability insurance.