Types of Liability Insurance in Elberton and Loganville, GA

Posted by griggsfickleninsurancega on January 19th, 2025

Being a business owner may be pleasant for apparent reasons, but operating a business comes with its share of risks, too. Often, a customer, a vendor, or a visitor may blame the business owner for their financial losses arising out of physical harm and damage to their property and/or reputation. The business owner needs to be covered by specific types of insurance, known as liability insurance in Elberton and Loganville, GA.

It is interesting to know that various types of liability insurance are designed to meet the specific risks experienced by different types of businesses. However, it is important to know that liability insurance coverage is a type of business or commercial insurance plan that may be included in the policy.

Some of the commonly used liability insurance plans for most businesses are: -

General Liability

Alternatively known as Commercial general liability insurance (CGL) or Business liability insurance (BL), it covers the financial aspects of bodily harm and property damage caused inadvertently by the concerned business. It also covers damage to reputation and errors made by advertising that harmed a competitor, another business entity, or even the general public. It is imperative to learn that the general liability coverage will not include any property damage claims for the insured business or the employees.

Professional Liability

This type of liability may be called errors and omissions insurance (E&O). It covers the financial risks associated with mistakes made in a professional capacity. This plan covers inaccurate information that results in loss and errors that cause harm to the customer or the general public. Apart from providing compensation for the settlement, the insurance company also bears the legal cost on behalf of the defendant.

Workers’ Compensation Insurance

This is a specific type of liability coverage that is a part of employer liability insurance. The insurance carrier will pay compensation to the employee who is injured or falls ill when engaged in tasks related to their jobs. In addition, this insurance pays for disability and provides lost wages up to a limit. Moreover, death benefits for a worker who dies due to work-related injuries or illness are compensated for as well.

The business owner may consider an umbrella insurance policy in addition to the standard liability insurance plans. This will enable the business owner to pay the extra sum that becomes essential after the traditional liability insurance coverage is exceeded.

A small business owner may not be willing to spend so much on liability insurance coverage. It is a necessity for the following reasons:

· Financial Protection

· Paying for Legal Defense

· Effective Risk Management

· Increasing the credibility of the company

· Ensuring compliance with Contracts and Regulations

Owning an automobile is commonplace. It is important to ensure financial protection to deal with the sudden expenses incurred when encountering an accident. Therefore, purchasing car insurance in Greensboro and Loganville, GA, becomes necessary.