Kentucky General Liability Insurance – KY
Kentucky General liability insurance is necessary coverage to have for any businesses big or small.
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This kind of insurance covers your business against different claims stemming from injury to third parties or your customers.
The fact is that many businesses face some type of risk, which is why they need general liability insurance.
This form of coverage can help shield your business against claims pertaining to malpractice or bodily offenses.
General liability insurance in Kentucky is offered in different types of coverage, and the one you need will depend on the kind of business you have.
For example, if you have a construction business, then you will need a higher level of general liability insurance coverage.
5 Key Reasons Why You Must Have General Liability Insurance in Kentucky
One of the many common questions business owners ask is do I really need to buy general liability insurance? And the short answer is Yes!
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As a business founder, you should already know that growing any type of business is already risky.
General liability insurance in Kentucky not only safeguards your business against claims arising from injury and property damage, but also from any liabilities as a tenant if you are renting a place.
Further, it extends coverage for not only your business, but also your coworkers against claims originating from injury or property damage to third parties.
Apart from being an essential part of your business, here are 5 excellent reasons your business needs general liability insurance.
Workers’ Compensation Insurance in Kentucky
If you are a handyman, you already should be aware of the compensation you can give up if you fall ill.
As a handyperson, you are not shielded by government workers’ compensation benefits, therefore you should explore KY handyman insurance.
Research indicates that injuries to independent workers in Kentucky were up by a whopping 12 percent.
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When you pay for Kentucky general liability insurance, you are protected 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 pay for the weeks you are off work.
Third-Party Bodily Injury Protection
This is perhaps the most crucial reason to get general liability insurance in Kentucky.
If your company offers services that can cause damage to others including pets, then buying general liability insurance should not be an option.
One excellent example of this is KY dog walker insurance, which protects your pet sitting business if the pet causes harm 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 invest in general liability insurance in Kentucky, your policy will pay for the penalties of these claims.
Third-Party Property Damage
Another important reason to get general liability insurance in Kentucky is to safeguard your business from third-party property damage.
For example, you are repairing your customer’s roof, and you mistakenly break an expensive vase, then you will have to reimburse for the damages.
Depending on the cost of what you spoil, you may have to pay for these claims from your own savings, that is if you do not have general liability insurance coverage.
Kentucky General liability insurance can help cover your business against any lawsuits originating from claims that you did not deliver services as promised.
Things such as poor workmanship can be included under a general liability insurance policy.
General liability insurance can also mostly include professional liability insurance, so speak to your insurance provider to check if they give this form of insurance.
While general liability insurance protects your business against many different sorts 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 brand, then it is wise to have general liability insurance in Kentucky, and here is why!
If a person claims bodily injury due to the use of your establishment’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 good idea to check out KY eCommerce insurance to better safeguard your interests.
Take, for example, your company is selling facial creams, and a person has an allergic reaction to your product, then general liability insurance can help cover costs if you get sued.
What is Not Protected Under General Liability Insurance?
Depending on the kind of general liability insurance you choose, there are certain 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 accidents may also not be covered under your general liability insurance terms.
As a business, you may be carrying several expensive tools in your vehicle or even at your client’s property.
If these accessories do get stolen, you will require specialized general liability insurance.
In the event of theft of your personal belongings, your car insurance policy will not protect these things against theft.
Another area where general liability insurance may not offer protection is if you make glitches in your services.
When getting general liability insurance, you should pick your coverage limit wisely. Because your general liability insurance policy will not give costs that are higher than your policy limit.
Different Types of General Liability Insurance
General liability insurance is an umbrella term for myriad types of insurances, most notably:
General Liability Insurance
Also known as CGL commercial liability insurance or BL form of insurance protects 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 referred to as errors and omissions insurance, professional liability insurance comes claims against your company that arise from errors in the services you give.
For example, if you are a chartered accountant that provides 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 several employees, opting for employee liability insurance is a good idea.
This kind of insurance shields your employees against any injury they may experience at the workplace.
Additionally, employer liability insurance can also cover disability benefits, missed wages, and funeral costs.
What is the Price of General Liability Insurance?
The charge for general liability insurance varies across insurance providers. It depends on many different factors including the sort of business you are running.
For example, if you are running a roofing business, then the price for your premiums will be higher than other forms of businesses, hence you should explore KY roofing insurance.
But to give you a rough idea, general liability insurance costs $40 per month, but a little lower if you select to pay annually.
High-risk industries can expect to pay higher premiums such as contracting categories.
You can save funds if you pay for your insurance policy in full annually.
Additionally, you can also save funds on your general liability insurance policy if you club all your policies under one insurance company.
You should also minimize your organization’s claims on your general liability insurance contract.
How to Look For General Liability Insurance Companies in Kentucky?
When finding the best general liability insurance agent in your area, it is important to check the organization’s reputation.
You should then determine your coverage limit, where the higher the insurance coverage, the higher the price of premiums.
But it is critically important that you opt for the right amount of coverage.
If you do not know about the coverage limit you need, speak to your general liability insurance agent to help evaluate your business risks for the right coverage limit.
But $1 million and $2 million are the most chosen coverage limits of general liability insurance.