Hawaii General Liability Insurance – HI
Hawaii General liability insurance is must-have coverage to have for most businesses big or small.
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This type of insurance covers your business against several claims stemming from damage to third parties or your customers.
The fact is that all businesses face some type of risk, which is why they require general liability insurance.
This type of coverage can help protect your business against claims related to malpractice or bodily offenses.
General liability insurance in Hawaii is offered in several types of coverage, and the one you require will depend on the form of business you run.
For example, if you run a construction business, then you will need a higher level of general liability insurance coverage.
5 Important Reasons Why You Need General Liability Insurance in Hawaii
One of the several common questions business owners ask is do I really need general liability insurance? And the short answer is Yes!
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As a business founder, you should already know that operating any kind of business is already risky.
General liability insurance in Hawaii not only covers your business against claims stemming from injury and property damage but also from any issues as a tenant if you are renting a property.
Further, it provides coverage for not only your business but also your employees against claims stemming from injury or property damage to third parties.
Apart from being an essential part of your business, here are 5 great reasons your business should have general liability insurance.
Workers’ Compensation Insurance in Hawaii
If you are a handyman, you already know about the compensation you can miss if you fall ill.
As a handy worker, you are not protected by government workers’ compensation advantages, therefore you should explore HI handyman insurance.
Research indicates that injuries to independent workers in Hawaii were on the rise by a whopping 12 percent.
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When you pay for Hawaii general liability insurance, you are shielded financially for medical costs related to the injury at the workplace.
Depending on the general liability insurance policy you choose, you may also be eligible for compensation for the time you are off work.
Third-Party Bodily Injury Protection
This is perhaps the most important reason to buy general liability insurance in Hawaii.
If your company provides services that can cause harm to others including customers, then getting general liability insurance should not be an option.
One excellent example of this is HI dog walker insurance, which shields your pet sitting business if the pet causes injury to others.
Another example is when you are repairing your client’s drywall, and they fall over your tools, then you will be have to pay for their injury.
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If you have general liability insurance in Hawaii, your policy will pay for the costs of these claims.
Third-Party Property Damage
Another important reason to get general liability insurance in Hawaii is to shield your business from third-party property damage.
For example, you are fixing your customer’s roof, and you mistakenly break an expensive vase, then you will have to compensate for the damages.
Depending on the cost of what you damage, you may have to pay for these claims from your own cash, that is if you do not have a general liability insurance contract.
Hawaii General liability insurance can help protect your business against any lawsuits arising 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 oftentimes include professional liability insurance, so speak to your insurance provider to check if they provide this kind of insurance.
While general liability insurance covers your business against several 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 company, then it is wise to have general liability insurance in Hawaii, and here is why!
If a person claims bodily hurt due to the use of your company’s products, then general liability insurance will protect you against these types of claims.
And if you sell your products online, then it is a great idea to check out HI eCommerce insurance to better safeguard your interests.
Take, for example, your organization 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 Protected Under General Liability Insurance?
Depending on the type of general liability insurance you choose, there are some things that may not be covered under your insurance terms.
The first thing that may not be covered is against claims not related to your services. Employee injuries 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 client’s property.
If these accessories do get stolen, you will require specialized general liability insurance.
In the case of theft of your personal belongings, your truck insurance policy will not protect these tools against theft.
Another area where general liability insurance may not offer protection is if you make glitches in your services.
When buying general liability insurance, you should select your coverage limit wisely. Because your general liability insurance policy will not give costs that exceed your policy limit.
Different Kinds of General Liability Insurance
General liability insurance is a broad term for myriad types of insurances, most notably:
General Liability Insurance
Also referred to as CGL commercial liability insurance or BL business liability insurance, this (type of insurance shields your company against claims that cause bodily injury or property damage to others.
Adding to this, general liability insurance also covers your company 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 known as errors and omissions insurance, professional liability insurance comes claims against your company that stem from errors in the services you provide.
For example, if you are a financial broker that provides a client with erroneous figures, and they sue you, professional liability insurance will cover the legal expenses.
If you provide professional services to customers, then you should as your insurance agent about professional liability insurance.
Employer Liability Insurance
If your business has several employees, opting for employee liability insurance is a great idea.
This form of insurance covers your employees against any injury they may incur at the workplace.
Additionally, employer liability insurance can also pay for disability benefits, missed wages, and funeral costs.
What is the Cost of General Liability Insurance?
The cost for general liability insurance changes across insurance providers. It depends on several different factors including the type of business you are handling.
For example, if you are running a roofing business, then the price for your premiums will be higher than other types of businesses, hence you should check out HI roofing insurance.
But to give you an approximate idea, general liability insurance costs $40 per month, but a little lower if you choose to pay annually.
High-risk companies can expect to pay higher premiums such as construction categories.
You can save funds if you pay for your insurance policy in full annually.
Furthermore, 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 company claims on your general liability insurance plan.
How to Look For General Liability Insurance Companies in Hawaii?
When searching for the best general liability insurance agent in your area, it is important to check the company’s reputation.
You should then choose your coverage limit, where the higher the limit, the higher the cost of premiums.
But it is critically important that you choose the right amount of coverage.
If you do not know about the coverage limit you need, speak to your general liability insurance provider to help evaluate your organization’s risks for the right coverage limit.
But $1 million and $2 million are the most selected coverage limits of general liability insurance.