Frequently Asked Questions About
Commercial General Liability Insurance
How much does commercial insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number.
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it.
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
CGL Insurance Kentucky
CGL Insurance Kentucky CGL (commercial general liability) insurance will protect your small business from financial losses. These can range from property damage, lawsuits, advertising injury, or any other liabilities your company might have which relates to personal loss for a client or employee.
Non-professional negligent acts are covered under your CGL policy, so as a business owner you should understand what it covers, and how a CGL insurance Kentucky policy can protect your business.
CGL insurance Kentucky protects your business from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Do I Need CGL Insurance For My Business?
You can be responsible for a number of occurrences during the normal course of business, which could result in varying degrees of financial loss. This is where CGL insurance Kentucky can help. From medical bills, to malpractice claims, to personal injury claims, you could be liable for these, as well as punitive and compensatory damages if you are found liable. Some potential issues might stem from:
- Slip and fall cases or a custom tripping and falling on damaged flooring within your commercial space.
- An employee which leaves water running and causes damage to a client's home.
- Misleading advertising, or class action lawsuit against your business.
These are a few of the many instances you can be found liable as a KY business owner.
What CGL Covers
Basically your legal defense and coverage of damages which stem from injuries or loss, should be covered by your CGL insurance Kentucky policy. Not only will this protect you financially, but will also protect your company in the event of a lawsuit. A basic policy will cover:
1. Coverage A - Bodily Injury and Property Damage: The property damage or bodily injury which stems from non-professional negligent acts, are covered under this section of your CGL insurance Kentucky policy. Mental injuries or distress claims might also fall under this category, even when physical injuries aren't present. KY worker's comp and employment practice liability are excluded under this clause. You can however purchase additional coverage for these protections. Pollution liability is also excluded.
Any high risk business entity should consider purchasing this limited coverage to protect themselves financially. Liquor, professional, and other liability risks might also be excluded (check with your insurer). An broker can assist you in choosing coverage options.
2. Coverage B - Personal and Advertising Injury Protection: Insured businesses are protected from personal or advertising injuries caused by their business; somethings which are covered include:
- Libel and slander claims.
- False arrest.
- Copyright claims.
- Entry/evasion of property or wrongful eviction claims.
3. Coverage C - Medical Payments: Personal injuries sustained by non-employees are covered with this coverage option. If an accident occurs in the business place, your company is protected to your coverage's extent. Even in the event of settlements you are covered, so this can limit litigation and attorney fees for your business.
You are covered for all necessary medical, ambulance, or surgical/medical care necessary for the injured party. No defense or legal liability coverage is afforded under this section of the CGL insurance Kentucky policy(as is the case with coverage A and B).
Choosing & Purchasing Commercial General Liability Policy
CGL insurance Kentucky can be purchased on its own or with a BOP policy or CPP (commercial package policy) insurance. It is best to discuss your options with an insurance agent prior to deciding. And, in the event CGL, BOP, and CPP aren't sufficient, umbrella (excess liability) policies are also available for businesses to consider.
Additional Coverages To Consider
Depending on the line of business, risks, and other factors, you might require additional coverage:
1. Director/Officer Liability - Past, present, and future directors and officers are protected with this coverage option. Wrongful acts committed by these persons in a profit or not-for profit business are protected. Whether it is an actual or alleged error, your coverage shields your business from liability. Misstatements, omissions, errors, or breach of duty, are all covered under policy coverage.
2. Liquor Liability - Covers your business from loss or damages which are claimed in the event your patron/client is intoxicated, and either injure themselves or another person. If your company sells or furnishes liquor, this is a policy coverage option you should invest in. You can purchase as an add-on or stand alone policy, but if not added, your general liability protection won't cover these damages.
3. Pollution Liability - Industrial, agricultural, and commercial property owners, managers, or developers, are protected with this form of coverage. Gradual as well as accidental pollution claims are protected, and assets from unforeseen environmental exposure which could affect earnings, are also protected. Pollution hazards which can lead to bodily injury or harm, are also covered under this optional coverage prong, as are clean up costs.
KY CGL Insurance
There are additional types of insurance that may be a good fit for your business. Your agent can then help you find the right coverage to protect you against those specific risks.
Kentucky Economic Data And Business Insurance Requirements
In order for a business to succeed, it's important to have a firm understanding about the economic status of the state that the organization is going to be established in . It is also important for business owners to know what type of commercial insurance they are required to carry in KY.
If you are thinking about opening or moving a business in Kentucky, keep on reading to find out some key information about the economic status of the state, as well as the KY commercial insurance requirements.
Business Economic Trends In The Commonwealth Of Kentucky
As per recent reports from leading economists, the economic outlook for Kentucky is looking bright. More jobs have been added in recent years, which is evidenced by the declining unemployment rate, and it is expected that more jobs will be added in the year 2018.
The goods and services industries are the two areas that are really expected to add significant gains to the economy of Kentucky. Industries in this sector are flourishing, with new companies being added during the 2018 calendar year. It is also expected that more jobs will be created in this sector in the upcoming years.
While technology is taking over the manufacturing sector in many other parts of the nation, in Kentucky, this industry is growing; but, it is growing at a slower rate than usual, as technology is also having an impact in KY. It is also predicted that the healthcare firms will continue to be added in Kentucky and will provide ample opportunities for employment, creating more jobs than manufacturing.
There three key areas in the Kentucky that are contributing the most to the economy, and these include Lexington, Northern Kentucky, and Louisville.
Commercial Insurance Requirements In KY
The Kentucky Department of Insurance regulates insurance in KY. Like most other states, business owners are required to carry workers comp insurance in Kentucky. In the Commonwealth, if you employ a staff of hourly or salaried employees, you must carry this type of coverage, even if your staff only consists of one person.
Commercial auto insurance is also mandate in Kentucky, so if you use a vehicle for business-related reasons, you must have this type of coverage.
You are not required to carry commercial liability insurance; however, it is a wise idea to invest in a policy. It will protect you from any legal issues that might arise, such as slips and falls or property damages.
Additional Resources For Small Business Insurance
Protect your company and employees with the right commercial insurance policies. Read informative articles on small business insurance coverages - and how they can help shield your company from legal liabilities.
- Business General Liability
- Business Liability
- Business Owners Policy (BOP)
- Certificate of Insurance
- Comprehensive General Liability
- Directors and Officers Liability
- Employers Liability
- Employment Practices Liability
- Home Based Business
- Independent Contractor
- Liability Insurance Certificate
- Liability Insurance
- Professional Liability
- Small Business
Your small business faces many potential disasters including: fire, floods, theft, equipment breakdown, lawsuits from clients or customers and current & former employees. Any many other risks you haven't even thought about.
A small business commercial insurance program should provide protection for both larger and smaller disasters. The obvious things like fire, flood and theft most business owners thnk about... but what if a hacker infects your computers with a virus - and files containing private customer information like credit card and Social Security numbers are stolen?
Who is going to pay to fix your customers credit rating etc.? Will your insurance pay for the cost? You need to know that.
Your commercial insurance program should cover events that can close down your company, or cause it to lose revenue. Anything less than that is not enough coverage. Commmercial insurance doesn't cover everything, and all policies have exclusions and limits.
You need a written plan that allows you to get your operations back up and running as quick as possible.
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