Mississippi General Liability Insurance – MS
Mississippi General liability insurance is must-have coverage to have for all businesses big or small.
This form of insurance protects your business against many claims stemming from injury to third parties or your customers.
The fact is that most businesses face some form of risk, which is why they require general liability insurance.
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This kind of coverage can help protect your business against claims related to malpractice or bodily injury.
General liability insurance in Mississippi is available in different types of coverage, and the one you need will depend on the kind of business you operate.
For example, if you have 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 Mississippi
One of the several 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 operator, you should already know that operating any size of a business is already risky.
General liability insurance in Mississippi not only protects your business against claims stemming from injury and property damage, but also from any liabilities as a tenant if you are renting a place.
Further, it provides coverage for not only your business, but also your staff against claims stemming from injury or property damage to third parties.
Apart from being an important part of your business, here are 5 great reasons your business should have general liability insurance.
Workers’ Compensation Insurance in Mississippi
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 benefits, therefore you should explore MS handyman insurance.
Research reveals that injuries to independent workers in Mississippi were up by a whopping 12 percent.
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When you pay for Mississippi general liability insurance, you are shielded 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 biggest reason to buy general liability insurance in Mississippi.
If your company provides services that can cause harm to others including clients, then investing in general liability insurance should not be an option.
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One great example of this is MS dog walker insurance, which shields your pet sitting business if the dog causes hurt to others.
Another example is when you are restoring your client’s drywall, and they slip over your tools, then you will be accountable for their injury.
If you have general liability insurance in Mississippi, your policy will pay for the costs of these claims.
Third-Party Property Damage
Another significant reason to get general liability insurance in Mississippi 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 compensate 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.
Mississippi General liability insurance can help cover your business against any lawsuits originating from claims that you poorly deliver services as promised.
Things such as negligence can be paid for under a general liability insurance policy.
General liability insurance can also mostly include professional liability insurance, so speak to your insurance agent to check if they provide this form of insurance.
While general liability insurance covers your business against many different types of claims, professional liability insurance is more geared towards errors you make in your business services.
If you are manufacturing and selling products under your own company, then it is wise to have general liability insurance in Mississippi, 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 types of claims.
And if you sell your products online, then it is a smart idea to check out MS 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 offering, 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 policy.
The first thing that may not be protected is against claims not related to your services. Employee injuries may also not be covered under your general liability insurance terms.
As a business, you may be hauling several expensive tools in your car or even at your client’s property.
If these things do get stolen, you will have to get specialized general liability insurance.
In the incident of theft of your personal belongings, your auto insurance policy will not replace these tools against theft.
Another area where general liability insurance may not offer coverage is if you make glitches in your services.
When getting general liability insurance, you should select your coverage limit wisely. Because your general liability insurance policy will not pay costs that are over your policy limit.
Different Kinds of General Liability Insurance
General liability insurance is a widely used term for many types of insurances, most notably:
General Liability Insurance
Also dubbed as CGL commercial liability insurance or BL form of insurance shields your company against claims that cause bodily injury or property damage to others.
Furthermore, general liability insurance also covers your corporation against reputational harm or mistakes in your advertising.
A few 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 entity that arise from errors in the services you give.
For example, if you are a chartered accountant that gives a client erroneous figures, and they sue you, professional liability insurance will compensate the legal expenses.
If you give professional services to customers, then you should as your insurance company about professional liability insurance.
Employer Liability Insurance
If your organization has a lot of employees, opting for employee liability insurance is a great idea.
This kind of insurance shields your workers against any injury they may sustain at the workplace.
Further, employer liability insurance can also provide disability benefits, missed wages, and funeral costs.
What is the Charge of General Liability Insurance?
The price for general liability insurance changes 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 cost for your premiums will be higher than other kinds of businesses, hence you should have MS 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 companies can expect to pay higher premiums such as landscaping categories.
You can save money if you pay for your insurance policy in full annually.
Further, you can also save cash on your general liability insurance policy if you bundle all your policies under one insurance company.
You should also minimize your organization’s claims on your general liability insurance plan.
How to Look For General Liability Insurance Companies in Mississippi?
When searching for the best general liability insurance agent in your area, it is important to check the company’s reputation.
You should then determine your coverage limit, where the higher the limit, the higher the charge of premiums.
But it is very important that you choose the right amount of coverage.
If you are unsure 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.