Indiana General Liability Insurance – IN
Indiana General liability insurance is crucial coverage to have for any businesses big or small.
This kind of insurance shields your business against many claims stemming from harm 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.
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This form of coverage can help protect your business against claims related to malpractice or bodily injury.
General liability insurance in Indiana is available in many types of coverage, and the one you need will depend on the type of business you operate.
For example, if you run a construction business, then you will require a higher level of general liability insurance coverage.
5 Big Reasons Why You Must Have General Liability Insurance in Indiana
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 size of a business is already risky.
General liability insurance in Indiana not only covers your business against claims stemming from injury and property damage, but also from any claims as a tenant if you are renting a space.
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 all-important part of your business, here are 5 excellent reasons your business should have general liability insurance.
Workers’ Compensation Insurance in Indiana
If you are a handyman, you already should be aware of the compensation you can miss if you fall ill.
As a handyperson, you are not protected by government workers’ compensation perks, therefore you should have IN handyman insurance.
Research indicates that injuries to independent workers in Indiana were increased by a whopping 12 percent.
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When you buy Indiana general liability insurance, you are protected financially for medical costs related to the injury at the job.
Depending on the general liability insurance plan 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 crucial reason to invest in general liability insurance in Indiana.
If your company runs services that can cause injury to others including pets, then investing in general liability insurance should not be an option.
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One excellent example of this is IN dog walker insurance, which covers your pet sitting business if the animal causes injury to others.
Another example is when you are restoring your client’s drywall, and they trip over your tools, then you will be liable for their injury.
If you buy general liability insurance in Indiana, your policy will pay for the costs of these claims.
Third-Party Property Damage
Another crucial reason to get general liability insurance in Indiana is to safeguard your business from third-party property damage.
For example, you are fixing your customer’s roof, and you mistakenly spoil an expensive vase, then you will have to reimburse for the damages.
Depending on the cost of what you break, you may have to pay for these claims from your own savings, that is if you do not have a general liability insurance policy.
Indiana General liability insurance can help shield your business against any lawsuits stemming from claims that you did not deliver services as promised.
Things such as negligence can be paid for under a general liability insurance policy.
General liability insurance can also sometimes include professional liability insurance, so speak to your insurance provider to check if they offer this form of insurance.
While general liability insurance covers your business against myriad different types of claims, professional liability insurance is more specific towards errors you make in your business services.
If you are manufacturing and selling things under your own label, then it is important to have general liability insurance in Indiana, and here is why!
If a client claims bodily injury due to the use of your business’s products, then general liability insurance will protect you against these kinds of claims.
And if you sell your products via your website, then it is a smart idea to check out IN ecommerce insurance to better safeguard your interests.
Take, for example, your company is selling facial creams, and a customer 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 coverage of general liability insurance you choose, there are some things that 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 accidents may also not be covered under your general liability insurance policy.
As a business, you may be carrying several expensive tools in your vehicle or even at your customer’s property.
If these accessories do get stolen, you will require specialized general liability insurance.
In the incident of theft of your personal tools, your auto insurance policy will not cover 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 choose your coverage limit wisely. Because your general liability insurance policy will not cover costs that are higher than your policy limit.
Different Forms of General Liability Insurance
General liability insurance is a widely used term for myriad types of insurances, most notably:
General Liability Insurance
Also referred to as CGL commercial liability insurance or BL form of insurance covers your business against claims that cause bodily injury or property damage to someone else.
Further, general liability insurance also covers your business against reputational harm or mistakes in your advertising.
Certain examples of things general liability insurance will protect 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 offer.
For example, if you are a financial broker that gives a client with wrong figures, and they sue you, professional liability insurance will compensate the legal expenses.
If you provide professional services to people, then you should as your insurance agency about professional liability insurance.
Employer Liability Insurance
If your organization has a lot of workers, opting for employee liability insurance is a good idea.
This form of insurance protects your employees against any injury they may incur at the worksite.
Additionally, employer liability insurance can also pay for disability benefits, missed wages, and funeral costs.
What is the Charge of General Liability Insurance?
The charge for general liability insurance varies across insurance providers. It depends on many different factors including the type of business you are operating.
For example, if you are running a construction business, then the price for your premiums will be above that of other types of businesses, hence you should check out IN roofing insurance.
But to give you a rough idea, general liability insurance costs $40 per month, but a little lower if you choose to pay annually.
High-risk businesses can expect to pay higher premiums such as construction categories.
You can save funds if you pay for your insurance policy in full annually.
Additionally, you can also save money on your general liability insurance policy if you bundle all your policies under one insurance agency.
You should also minimize your company claims on your general liability insurance plan.
How to Locate General Liability Insurance Companies in Indiana?
When finding the best general liability insurance company in your area, it is important to check the organization’s reputation.
You should then determine your coverage limit, where the higher the limit, the higher the charge of premiums.
But it is critically important that you select the right amount of coverage.
If you are unclear about the coverage limit you need, speak to your general liability insurance agent 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.