Wisconsin General Liability Insurance – WI
Wisconsin General liability insurance is must-have coverage to have for any businesses big or small.
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This kind of insurance protects your business against many claims stemming from harm to third parties or your customers.
The fact is that all businesses face some level of risk, which is why they need general liability insurance.
This kind of coverage can help protect your business against claims about malpractice or bodily offenses.
General liability insurance in Wisconsin is available in many types of coverage, and the one you require will depend on the type of business you have.
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 Must Have General Liability Insurance in Wisconsin
One of the most 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 owner, you should already know that growing any type of business is already risky.
General liability insurance in Wisconsin not only protects your business against claims originating from injury and property damage but also any claims as a tenant if you are renting a place.
Further, it offers coverage for not only your business but also your coworkers 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 needs general liability insurance.
Workers’ Compensation Insurance in Wisconsin
If you are a handy worker, you already should be aware of the money you can lose if you fall ill.
As a handy worker, you are not covered by government workers’ compensation benefits, therefore you should have WI handyman insurance.
Research reveals that injuries to independent workers in Wisconsin were on the rise by a whopping 12 percent.
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When you pay for Wisconsin general liability insurance, you are covered financially for medical costs related to the injury at the job.
Depending on the general liability insurance policy you choose, you may also be eligible for compensation for the weeks you are off work.
Third-Party Bodily Injury Protection
This is perhaps the biggest reason to buy general liability insurance in Wisconsin.
If your company offers services that can cause damage to others including clients, then investing in general liability insurance should not be an option.
One excellent example of this is WI dog walker insurance, which covers your pet sitting business if the pet causes hurt to others.
Another example is when you are repairing your client’s drywall, and they slip over your tools, then you will be liable for their injury.
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If you invest in general liability insurance in Wisconsin, your policy will pay for the penalties of these claims.
Third-Party Property Damage
Another significant reason to get general liability insurance in Wisconsin 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 compensate for the damages.
Depending on the cost of what you damage, you may have to pay for these claims from your own pockets, that is if you do not have a general liability insurance policy.
Wisconsin General liability insurance can help protect your business against any lawsuits stemming 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 provider to check if they offer this kind 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 products under your own label, then it is crucial to have general liability insurance in Wisconsin, and here is why!
If a person claims bodily injury due to the use of your business’s products, then general liability insurance will shield you against these sorts of claims.
And if you sell your products via your website, then it is a good idea to check out WI eCommerce insurance to better safeguard your interests.
Take, for example, your business 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 Protected Under General Liability Insurance?
Depending on the type of general liability insurance you choose, few things may not be covered under your insurance terms.
The first thing that may not be shielded is against lawsuits not related to your services. Employee injuries may also not be covered under your general liability insurance contract.
As a business, you may be hauling several expensive tools in your vehicle or even at your customer’s property.
If these things do get stolen, you will have to get specialized general liability insurance.
In the event of theft of your personal tools, your truck insurance policy will not cover these things against theft.
Another area where general liability insurance may not offer compensation is if you make mistakes in your services.
When buying general liability insurance, you should choose your coverage limit wisely. Because your general liability insurance policy will not give costs that exceed your policy limit.
Different Forms of General Liability Insurance
General liability insurance is a broad term for myriad types of insurances, most notably:
General Liability Insurance
Also known as CGL commercial liability insurance or BL business liability insurance, this (type of insurance covers your company against claims that cause bodily injury or property damage to someone else.
Adding to this, general liability insurance also covers your business against reputational harm or errors in your advertising.
A few examples of things general liability insurance will protect your business against include property damage, advertising errors, and reputational harm.
Professional Liability Insurance PL
Also dubbed as errors and omissions insurance, professional liability insurance comes claims against your company that originate 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 cover the legal expenses.
If you give professional services to customers, then you should as your insurance agent about professional liability insurance.
Employer Liability Insurance
If your company has several staff, opting for employee liability insurance is a great idea.
This type of insurance shields your employees against any injury they may incur at the work location.
Furthermore, employer liability insurance can also pay for disability benefits, missed wages, and funeral costs.
What is the Price of General Liability Insurance?
The price 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 charge for your premiums will be above than of other forms of businesses, hence you should have WI 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 businesses can expect to pay higher premiums such as contracting categories.
You can save money if you pay for your insurance plan in full annually.
Further, you can also save money 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 plan.
How to Look For General Liability Insurance Companies in Wisconsin?
When finding the best general liability insurance agent in your city, it is important to check the agency’s reputation.
You should then determine your coverage limit, where the higher the limit, the higher the price of premiums.
But you must select the right amount of coverage.
If you are unsure 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 common coverage limits of general liability insurance.