General Liability Insurance
Normally, it is difficult for businesses or general contractors to work without general insurance. General liability insurance is intended to guard operators and owners of companies from claims that may come from a broad spectrum of sources. These exposures could be just about anything including: liability engendered by accidents from the operations of the insured party, contractual liability, products manufactured by the insured party, etc.
General Liability Insurance – How is it Rated
The liability limit you select, whether it is one, two, or three million dollars, determines the cost of general liability insurance. Also factored into the rates are the kind of work undertaken, gross receipts and total payroll expenses. Similar to auto insurance, when it comes to general liability insurance, you will first have to make a down payment and then follow it up with installments. Before buying general liability insurance, it is best to compare the quotes available in the market.
General Liability for Contractors
It is the business owner’s or general contractor’s job to make sure that the people working under him/her are covered by an insurance policy. If for example, a person who is not a part of the project gets injured, the injured person’s lawyer can target just about anyone involved in the project. The more individuals that are involved, the greater the chances of a successful lawsuit.
Additional Liability Coverages to Consider
Depending on your type of business, you may want to consider additional liability coverage that is not part of commercial general liability insurance. Talk to us regarding the types of coverages that you may need. The following is not exhaustive, but key types of insurance to consider include:
Directors and Officers Liability
Directors and officers liability insurance protects past, present and future directors and officers of for-profit or nonprofit companies from damages resulting from alleged or actual wrongful acts they may have committed in their positions. The policy provides protection in the event of any actual or alleged error, misstatement, omission, misleading statement or breach of duty. In addition, some policies extend the same coverage to employees.
Liquor liability insurance is business coverage that protects your business against loss or damages claimed as a result of a patron of your business becoming intoxicated and injuring himself or others. If your business manufactures, sells, serves or facilitates the use or purchase of alcohol, then your business will likely need this coverage. Liquor liability coverage may be sold as an add-on to a commercial liability policy or as a stand-alone policy. But, if you do not purchase this extra coverage, your standard commercial general liability policy does not protect your business against liquor-related claims.
This type of coverage provides industrial, commercial and agricultural property owners, managers and developers with a broad range of pollution liability protection for gradual, as well as sudden and accidental, first-party and third-party environmental liabilities. It also protects assets from unforeseen environmental exposures that could have substantial impact on earnings. In addition, it protects against unforeseen pollution hazards that may lead to bodily injury, property damage or pollution clean-up costs.
About Fairway Insurance Advisors
Fairway Insurance Advisors provides auto and homeowners and other personal insurance coverages, as well as business or commercial insurance to all of Georgia including: Roswell, Atlanta, Alpharetta, Johns Creek, Cumming, and Suwanee. We work with consumers, business owners and mortgage professionals to craft fair, reasonable programs of insurance.
Fairway - Leading You to a Path of Financial Protection.
Fairway Insurance Advisors is licensed in Georgia, North Carolina, South Carolina, Alabama, Virginia, Florida, and Tennessee. www.fairwayinsuranceadvisors.com