Wyoming General Liability Insurance – WY
Wyoming General liability insurance is crucial coverage to have for most businesses big or small.
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This type of insurance shields your business against several 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 must have general liability insurance.
This form of coverage can help protect your business against claims pertaining to malpractice or bodily offenses.
General liability insurance in Wyoming is offered in many types of coverage, and the one you must have will depend on the form 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 Big Reasons Why You Must Have General Liability Insurance in Wyoming
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 operating any kind of business is already risky.
General liability insurance in Wyoming not only protects your business against claims originating from injury and property damage but also from any claims as a tenant if you are renting a space.
Further, it extends coverage for not only your business, but also your staff 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 should have general liability insurance.
Workers’ Compensation Insurance in Wyoming
If you are a handyman, you already are aware of the compensation you can give up if you fall ill.
As a handyman, you are not covered by government workers’ compensation advantages, therefore you should have WY handyman insurance.
Research indicates that injuries to independent workers in Wyoming were up by a whopping 12 percent.
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When you invest in Wyoming general liability insurance, you are covered financially for medical costs related to the injury at the workplace.
Depending on the general liability insurance policy you opt for, you may also be eligible for cash for the time you are off work.
Third-Party Bodily Injury Protection
This is perhaps the biggest reason to buy general liability insurance in Wyoming.
If your company runs services that can cause harm to others including customers, then investing in general liability insurance should not be an option.
One great example of this is WY 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 accountable for their injury.
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If you invest in general liability insurance in Wyoming, your policy will pay for the fees of these claims.
Third-Party Property Damage
Another crucial reason to get general liability insurance in Wyoming is to protect 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 reimburse for the damages.
Depending on the cost of what you break, you may have to pay for these claims from your own cash, that is if you do not have a general liability insurance policy.
Wyoming General liability insurance can help protect your business against any lawsuits originating 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 agent to check if they offer this kind of insurance.
While general liability insurance protects your business against many different kinds of claims, professional liability insurance is more specific 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 Wyoming, and here is why!
If a person claims bodily hurt due to the use of your company’s products, then general liability insurance will shield you against these kinds of claims.
And if you sell your products online, then it is a good idea to check out WY eCommerce insurance to better shield your interests.
Take, for example, your company 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 Covered Under General Liability Insurance?
Depending on the kind of general liability insurance you choose, there are few 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 hauling several expensive tools in your vehicle or even at your client’s property.
If these accessories do get stolen, you will have to get specialized general liability insurance.
In the incident of theft of your personal property, your truck insurance policy will not protect these tools against theft.
Another area where general liability insurance may not offer compensation 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 cover costs that are over your policy limit.
Different Forms of General Liability Insurance
General liability insurance is a broad term for many types of insurances, most notably:
General Liability Insurance
Also known as CGL commercial liability insurance or BL form of insurance protects your business against claims that cause bodily injury or property damage to third parties.
Adding to this, general liability insurance also covers your business 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 dubbed as errors and omissions insurance, professional liability insurance comes claims against your entity that originate from errors in the services you offer.
For example, if you are a chartered accountant that gives a client incorrect figures, and they sue you, professional liability insurance will provide the legal expenses.
If you offer professional services to clients, then you should as your insurance agency about professional liability insurance.
Employer Liability Insurance
If your business has a lot of employees, opting for employee liability insurance is a good idea.
This form of insurance protects your workers against any injury they may incur at the work location.
Additionally, employer liability insurance can also cover disability benefits, missed wages, and funeral costs.
What is the Price of General Liability Insurance?
The price for general liability insurance varies across insurance providers. It depends on several different factors including the kind of business you are running.
For example, if you are running a drywall business, then the charge for your premiums will be above that of other types of businesses, hence you should check out WY 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 companies can expect to pay higher premiums such as construction 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 bundle all your policies under one insurance provider.
You should also minimize your company claims on your general liability insurance plan.
How to Locate General Liability Insurance Companies in Wyoming?
When searching for the best general liability insurance agent in your state, it is important to check the agency’s reputation.
You should then select your coverage limit, where the higher the coverage, the higher the price of premiums.
But it is very important that you choose the right amount of coverage.
If you are unclear about the coverage limit you need, speak to your general liability insurance provider 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.