General Liability insurance, also known as Public and Product Liability insurance, helps to protect your business in the event a claim for compensation is brought against you for injury or damage arising out of the course of your business. This could include: ...
Medical payments: General liability insurance will also cover medical costs stemming from injured third parties on your business premises, or who claim to have been injured by your business’s operations. Coverage kicks in regardless of actual fault. Personal liability situations: Property damage: This...
Consider a higher deductible:If you agree to a higher deductible, your monthly or annual insurance premiums will be lower. This is a risky move, however. Make sure you can afford to cover your deductible in the case of a liability claim. What Businesses Need Commercial General Liability Insur...
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How does general liability insurance work? General liability insurance provides third-party coverage, which means the payments go to the third party involved in the claim, not to you directly. You’re considered the “first party,” and the “third party” is a person who has been injured—...
Claims related to Liability Insurance do not demand any form of security or security at all. Upon the filing of a specific claim, the company analyses the claim and the related policy to determine if it is covered by the policy or not. This means the law does not bind the contractor to...
Criterion Claim Service Inc has been servicing the insurance claims industry since 1969.Its founders, Michael Fasano and John Roth, started the business with only four accounts. Criterion continues the next generation of service with President Steven Fasano. Steven brings 30+ years of insurance indust...
Professional Liability Insurance This liability insurance will cover any legal fees if someone raises a claim and payout if a contractor is genuinely liable. Commercial Automobile insurance Contractors use their means of transport to work, while others use trucks at their workplace. It is an excelle...
Claim history – How many claims your business has made in the past will also be a factor that affects the premium Location – The location that your business is based in will affect your liability insurance premium for the simple reason that, different towns and cities comes with different le...
The cost of commercial general liability insurance depends on the size of the business being insured, the riskiness of its business operations, and the amount of coverage needed. Some insurers say that their clients pay between $300 and $600 for a million dollars of insurance coverage. Others ...