Business Insurance in Brooklyn

If you are running a business, it is your responsibility to protect against accidents, mishaps and other unwanted incidents that can cause damage to life and property. Even if you have laid out clear processes and conduct your business in the most careful manner, you can only try your best to prevent accidents. However, there is no way you can guarantee that there will not be any in your company premises.

If your business entails general contractors, heavy construction contractors or specialty trade contractors, you need to have a proper general liability insurance policy in place. A general liability insurance policy will insure you and your business against accidents and injuries that can occur inside the premises of your company. This includes accidents or health problems faced by your employees due to exposure to certain chemicals or products that are used in your company.

A general liability policy will cover injuries sustained due to accidents or exposure in your company as well as any property damages incurred due to the mishap. Should you choose to defend any lawsuit filed against your business, the general liability insurance will pay for the costs of defending the claims. In most such cases, detailed investigations are required to be carried out to build a case for your business. The general liability insurance will pay for the cost of investigations that may be required to defend your case in a court of law.

The general liability insurance is liable to pay for any settlements that your business may be ordered to pay to the other party. In case you wish to appeal the decision and have been permitted by the court to do so, the general liability insurance will have to pay for the bonds that may be required to proceed with your case.

While general liability insurance can protect your business in a major way, it is not mandatory for a company to take out such a policy at the very beginning. However, you cannot carry out your business without general liability insurance for much long. When your company bids for a project, you may not be asked for general liability insurance from the prospective client. However, you will not be able to commence work for them even if you are awarded the project without putting general liability insurance at place. Before you can begin work on a new project, you will in all likelihood have to present a certificate of insurance in original for the general liability insurance.

As a business, your liabilities are not going to be anywhere small, therefore general liability insurance must be taken out keeping your liabilities in view. According to experts, a liability of at least 1-2 million dollars is basic requirement for general liability insurance. The premium that you have to pay will not depend on the liability alone but also on the size of your business, the profit margin, the sales figures, payroll and other risks. Remember that general liability insurance is not only important for your business, it is a necessity.