General Liability Insurance KY. Why does your company need to have it? Sometimes, business owners look at their business model and assume that they don't have to worry about the kinds of claims and liability. They think they can afford to take a pass on general liability insurance KY. They tell themselves they can save the money up front and worry about individual claims as they arise.Skipping commercial liability insurance is a big mistake. It can negatively impact your company in a variety of ways.
There are many reasons that you need to get a general liability insurance KY policy for your company. It's important to understand that the coverage you get from a Kentucky general liability policy can protect you in ways that you might not understand. It can even help you grow your business. While your corporate structure might limit your liability in certain situations, it cannot completely shield you from losses - and it might not be enough to save your company in the event that something unexpected happens.
Why do businesses need general liability insurance KY? The main reason is to protect the company from lawsuits from liability resulting from property damage or bodily injury.
Here are some of the reasons that you need to have a comprehensive general liability policy for your company:
No matter how carefully you run your business, there are going to be times when you just can't predict what will happen, or how it will happen. Even the most careful and responsible employee can have a bad day. Even the best maintained facility can run into a problem that results in a defective product or a tripping hazard on the factory floor.
When those things happen, you need to have protection. The costs associated with a serious accident or injury can quickly spiral out of control. An injury that might not appear to be bad on the surface might end up costing you significantly more than you anticipate, especially when you add things like lost labor or pain and suffering. If you are found liable for a major accident, the possibility exists that a jury could award the plaintiff punitive damages totaling many times what the actual cost of the accident was.
The bottom line is that you could end up losing your business if you're not careful. Commercial general liability insurance can help protect your assets, ensuring that you can keep your business up and running even if you do end up in the midst of a lawsuit. It means that you will have the money to keep going even if you end up losing in court.
When you look at it that way, it's easy to see why it is worth it to spend a bit of money up front to get the commercial general liability insurance you need. Even if it cuts into your profits and requires you to operate on a shoestring budget for a while, you'll have the peace of mind that comes with knowing you are protected - and that your company and its employees are, too.
How much general liability insurance KY do you need? Choosing the right policy limits, deductibles, and coverages can be tricky. You want to make sure you're protected but you also want to be careful not to overspend. You should understand what you need so you can negotiate the right policy to protect your business.
There are many different things to take into consideration when shopping for commercial general liability insurance. Let's look at them each in turn.
The first thing you want to think about is your policy deductible. A deductible is the amount of money you will have to pay up front in the event that you have a general liability claim resulting from an injury or lawsuit.
As a general rule, the higher the deductible on your policy is, the lower your premium will be. It might be tempting to opt for a very high deductible to save money; however, it is important to be realistic about what you can afford. Remember, if you do end up getting sued or having to pay for medical expenses, your deductible will have to be paid immediately. That means that if you don't have the cash on hand, you could end up having a real problem.
The best thing to do is to choose a deductible that is in a range that allows you to save some money on your premium without putting you in an impossible situation in the event that you have to pay it.
The next thing you need to consider is the policy limit. Many small business advisers recommend getting a minimum one million dollar policy so that you will have sufficient coverage to protect you in the event of a catastrophic injury or accidental death.
You will need to take several things into consideration when considering your liability limit:
A small construction company might want to carry several million dollars of general liability insurance KY, and might want to purchase an umbrella policy too. An umbrella policy covers you in the event that you max out your general liability insurance. For example, imagine you had a $2 million general liability policy and you ended up with a $3 million claim or settlement. The policy would pay the first $2 million. If you didn't have an umbrella policy, you would be liable for the remaining $1 million - but if you had an umbrella policy, it would pick up where your Kentucky commercial general liability policy left off.
It's a good idea to envision a worst-case scenario and then tack a little more coverage on top of it to determine your ideal policy limit. An experienced insurance agent will be able to help you do this.
In addition to looking at your deductible and policy limits, you also need to make sure that you can afford to pay your premiums. Depending on the insurance carrier you choose, you may need to pay your premiums monthly, or they maybe be paid partially in advance. Whatever your agreement is, you need to build your premiums into your budget so you can be sure to keep your policy up to date.
Before you commit to a policy, make sure you understand how and when payments are due. You need to buy coverage, but you also need to make sure you can afford to keep it up. Don't buy so much that you can't afford to make your payments. That's the equivalent of having no insurance at all - and that's not a risk you can afford to take.
The final thing you need to consider is what your policy's provisions are. Insurance contracts tend to be long and fairly dry, but you need to make sure to read yours thoroughly. It's important to understand what coverage you have, and to ask questions about coverage you may need to get to supplement your commercial general liability coverage KY.
Let's look at an example. I mentioned earlier that many general liability policies cover accidents that happen in non-owned cars, such as when an employee rents a car in your company's name or drives their own car to do company business. However, if you plan on buying company cars, you also need to insure them - and injuries caused by someone driving them may not be covered by your general liability policy.
The same goes for certain other errors. If you do plan on serving liquor at company functions, you should make sure that your policy includes liquor liability coverage related to such service. You also need to check to see when the coverage is valid. As I mentioned earlier, if you charge for liquor then you may not be covered. Make sure you understand the provisions and how they work.
It's always a good idea to ask for a specimen contract up front. That way you can read through it, highlight sections that confuse you or require illumination, and go back to your agent or underwriter and clarify them. At the same time that you buy your general liability insurance KY, you may want to inquire about related insurance, such as umbrella insurance or professional liability insurance. Companies sometimes offer discounts if you buy more than one type of insurance from them, so inquiring may be a good way to save a bit of money.
Buying insurance isn't a simple thing. You need to make sure that you have a full understanding of your policy and what it covers before you sign on the dotted line.
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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.
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 2019.
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 2019 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.
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.
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