McClain Matthews Insurance Blog
General liability insurance is normally not legally required, but businesses should have it. At times, clients and other similar parties might request it.
When Do You Need General Liability Insurance?
Some states mandate general liability insurance in the licensing qualifications of construction contractor workers. Most entrepreneurs purchase general liability insurance not too long after starting operations in their small businesses.
Instances When Small Businesses Need General Liability Insurance
Small businesses don’t need this insurance in many situations. However, below are the selected situations when they do need it:
Application for Professional Licenses
Real estate agents, dentists, accountants, doctors, nurses, and other specialized occupations need licenses to practice their professions in America. The requirements associated with acquiring licenses may include having general liability insurance.
The Signing of Contracts with Bigger Businesses
Companies that provide businesses with general contractors, engineers, and landscapers to work on certain portions of projects may mandate establishments to get such insurance. The provision of general liability insurance protection is done on a third-party basis.
The Signing of Lease Contracts
Professionals normally rent their offices or workspaces. Generally, doctors, nurses, engineers, and other professionals may need general liability insurance to comply with workspace rental requirements.
The Amount of General Liability Insurance Protection Businesses Need
The amount of general liability insurance protection businesses can use varies. But, generally, the primary factors utilized as bases in determining this amount are the policy limits working compatibly with the corresponding severity of risks.
Endorsements That May Be Needed in Getting General Liability Insurance
The possession of general liability insurance gives you flexible options. Including endorsements for certain risks businesses may incur.
These endorsements are the following:
Product Liability Insurance
This insurance may protect businesses when the latter’s products manufactured or sold have caused injuries to customers. Most of the time, these instances aren’t inflicted intentionally. But, their occurrences are normally beyond the control of businesses, too.
Hired and Non-Owned Auto Insurance
Hired and non-owned auto insurance can cover damages that vehicles businesses use but don’t own. This incident similarly occurs beyond the control of businesses.
Liquor Liability Insurance
Liquor establishments can’t avoid having drunk customers due to the market their businesses cater to. The liquor protection insurance covers damages that businesses serving or selling alcoholic beverages incur while accommodating intoxicated customers.
Damages can cost your business more money and inconvenience than you may realize. Avoid having regrets when it’s already too late. It’s always better to be safe than sorry by getting general liability insurance.
At McClain Matthews Insurance, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (317) 298-7500. You can also request a free quote by CLICKING HERE. Any coverage discussed is not guaranteed. Please contact us today to go over your policy to ensure your needs are met! We are here and happy to help.