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Getting Liability Insurance Coverage for Your Small Business
Small businesses that are still getting off the ground need to be mindful of how they use their limited resources when planning and budgeting for expenses. When you’re growing your operations, its important to take active measures to protect what you’ve built while also being cost-effective in how you build and insure your business infrastructure. Here are some important facets of liability insurance that all small business owners need to consider.
Why Your Small Business Needs to Be Insured
Liability insurance for small business will protect your company against claims related to bodily injury, personal and advertising injury, and property damage. Without insurance, these types of actions can be extremely costly to defend. In effect, damages awarded could be greater than the value of your entire business.
You May Be Required to Carry Liability Insurance in Order to Operate Your Business
Depending on the nature of your business, you may be statutorily required to maintain minimum liability insurance coverage levels to do work in the state or county where your business operates. In addition, many condominiums, homeowners associations, and even businesses require that companies who perform any type of work on their premises provide proof of general liability insurance, professional liability insurance, or workers’ compensation coverage in order to be admitted.
Volunteers are the bread and butter of non-profit organizations. Unfortunately, they can also add risk especially when they become injured or ill while working for the organization. Many organizational leaders want to know about volunteers covered under workers compensation.
Some volunteers may be covered under the states workers compensation policy depending on the state. For example, in Indiana, volunteer firefighters and rostered volunteers can seek coverage under workers compensation should they be injured while working for the organization. Organizations may also decide that the risks of the project or cause are worth the expense of a workers compensation policy even though it is not required.
For those not covered under workers compensation, the organization does have other options to limit their liability. As seen on www.caitlin-morgan.com, organizations can have signed hold-harmless agreements by volunteers limiting the organizations liability. Or the company can help pay for medical bills through an accident & health policy, group accident/disability policy or even a commercial general liability policy. Depending on the risks associated with the volunteer activities, one or more of these options may be right for each project.
Volunteers covered under workers compensation may vary by state. For those not covered, organizations have options to limit their liability against volunteer injury or illness.
Operating water or wastewater treatment facility comes with a number of unique considerations. When exploring insurance policies to protect your business, you need to think about the unique risks that exist within your industry. Properly insuring water treatment plants can take a bit of time and research. Whether you are a small plant or a global organization, an appropriate policy will play a large part in your continued success.
Important Areas of Coverage
As reported on https://www.watercolormanagement.com/, there are a few key areas to focus on when you are exploring different policies. While you might already be aware of the need for general and professional liability, other options to consider include:
The nature of your business plays a big part in what policy you should take out. Since your plant utilizes a number of hazardous chemicals in daily operations, you absolutely want to make sure your plan covers you in the event of injury, exposure, or damages done to property and the local environment.
In order for you to keep your business safe against the unknown, it can be a good idea to explore your options with insurance. Take time to research what policy will provide the most comprehensive coverage and keep your plant protected.
Most people believe that the most basic and necessary type of insurance is General Liability Insurance or GLI. Its certainly the most common type of business coverage and is often required for contracted vendors. However, depending on the type of business you run this may not be the best option for liability coverage.
General Liability Insurance
GLI is a very broad type of coverage. It can protect businesses from liability associated with negligence, defective products or injuries that may occur on the premises. As the name suggests, it is generalized coverage.
PLI insurance is specifically designed to protect businesses from losses and property damage that are specifically caused by members of the public while they are on your site. It can also cover the cost of necessary medical treatment for members of the public if they suffered an injury while on your business grounds. Research on https://www.usrisk.com states that if the primary purpose of your business is to serve customers, then you may want to make sure you have coverage that matches your biggest liability. If you run a beauty salon, for example, where customers may be walking to different stations on slippery floors.
Some people may confuse PLI coverage with workers compensation coverage. The difference between these two is very clear. Workers compensation only covers employees, it does not cover visitors. PLI covers all visitors, including customers and any delivery personnel.
The key to getting the best film production insurance is to make sure that it’s catered to your specific project’s needs. Since no two film projects are alike, you will want to assess your liabilities and coverage needs before each and every project. Film production insurance can protect you, your company and/or the project from costly claims and provide the coverage you need to ensure you complete your project with confidence.
Four Most Common Types of Production Insurance
General Film Production Insurance: This is a standard package policy which usually includes general liability, commercial auto insurance and worker’s compensation. Depending on the policy it may also cover costs tied to production schedule changes because of inclement weather, damaged sets and/or equipment failure.
Cast Insurance: This coverage can protect you from costs associated with losing an actor, director or other key personnel necessary to complete your film. Cast Insurance coverage actually represents the largest number of film-related insurance claims.
Completion Bonding: Completion bonding coverage is important because it protects you from situations which may otherwise make it impossible to complete your film. There are so many situations that can arise and jeopardize the completion of your film.
Errors and Omissions: Errors and Omissions insurance provides coverage for lawsuits that arise out of issues such as personal rights or slander.
Although these are the most common types of film production insurance you want to make sure policies meet your individual needs.