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.
General Liability Insurance KY
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:
- Acquiring New Business and Contracts - Depending on the type of business you are in, you may need to demonstrate that you have a general liability insurance KY policy before signing a contract or even submitting a bid or quote. In the construction industry, for example, general contractors need to submit proof of insurance. The same may be true if you are submitting quotes to municipalities and other government entities.
- Protecting Against Lawsuits - One of the most common uses of general liability insurance KY is to pay for lawsuits. Like it or not, every business is at risk of being sued for something. Even a business with a seemingly low risk of injury can end up having a problem. All that needs to happen is for a potential client to visit your office or warehouse and sustain a fall or other injury. In such cases, they may be inclined to blame you for their injury even if it doesn't appear to be your fault. The problem with such lawsuits is that it can take a lot of time and money to get to the point where you can prove that the injury was not your fault - and, of course, there is always a chance that the case will go against you. Juries are notoriously difficult to predict and you have no way of knowing what will happen if you are sued. A general liability policy will cover various aspects of your expenses related to such suits, including your legal expenses. It can also help reimburse you for lost wages if you end up having to spend time in court, and cover any eventual settlement or damages awarded by a judge or jury.
- Coverage Extends to Your Employees - The larger a company is, the more likely it is that one of its employees will end up making a mistake that results in an injury to a customer, client, or an innocent bystander. If you have employees making deliveries, waiting on customers, or doing any activity that brings them into contact with other people, you have to be concerned about your liability in the event that someone gets hurt, either physically or in some other way. General liability insurance KY will cover all of the people who work for you, including your directors, officers, employees, and even unpaid volunteers and interns. As long as they are operating in an official capacity, representing your Kentucky company when the accident occurs, then you will be protected.
- It Can Help Save Your Company - The biggest single reason you need to have commercial general liability insurance is that it can help to save your company. You might be operating on a razor-thin profit margin and think that you can save money by skimping on insurance. However, it is important to keep in mind that you could end up paying far more if you don't have insurance.
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.
Picking the Right Coverage
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:
- How large is your company? Do you have many employees? Remember, the more employees you have, the more open you are to lawsuits and accidents.
- What industry are you in? Some industries have a higher risk of liability than others. A company that provides basic office services will likely require less insurance than a construction company. You need to think about what you are doing and how it affects your risk.
- How probable is it that you will end up with a catastrophic claim - the kind that could cost you your business? It can be difficult to predict, but think about the kinds of things you are doing and how they might result in claims.
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.
Policy Provisions and Other Coverage Options
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.
General Liability Cost
Find the best CGL insurance Kentucky policy for your business' unique needs by working with a seasoned agent. Consult with an agent to determine which coverage types you need and any riders or policy addendums that you must purchase to fully protect your business' financial future.
KY General Liability Insurance By Industry
Protect your company and employees with KY commercial insurance. Read informative articles on Kentucky small business insurance coverages - and how they can help shield your company from legal liabilities.
- Business General Liability
- Business Liability KY
- Business Owners Policy (BOP)
- Certificate of Insurance
- Comprehensive General Liability
- Directors and Officers Liability
- Employers Liability
- Employment Practices Liability
- General Liability
- Home Based Business
- Independent Contractor
- Liability Insurance Certificate
- Liability Insurance Kentucky
- Professional Liability
- Small Business
Learn about Kentucky construction contractors insurance, including how much the premium costs and what is covered - and how commercial insurance can help protect your KY construction business from lawsuits.
- Cement Contractors
- Concrete Contractors
- Construction Contractors
- Demolition Contractors
- Excavation Contractor
- Framing Contractor
- Masonry Contractor
- Mechanical Contractors
- Millwright Contractors
- Paving Contractors
- Roofing Contractor
Contractors and Home Improvement
Learn about Kentucky contractor's insurance, including what it covers, how much it costs - and how commercial insurance can help protect your KY business from lawsuits.
- Air Conditioning Systems Installation Repair
- Builders Risk
- Cable And Satellite TV Installer
- Chimney Sweep
- Contractor Liability
- Door And Window Installers
- Dryer Vent Cleaning
- Drywall Contractor
- Electrical Contractors
- Environmental Remediation Contractors
- Fence Installation
- Fire Sprinkler Contractors
- Fire & Water Restoration Contractors
- Flooring Contractor
- Garage Door Installer And Repair
- Glass Contractor
- House Cleaning
- HVAC Contractor
- Insulation Contractor
- Janitorial Cleaning Services
- Lawn Care
- Paperhanging Contractors
- Plastering And Stucco Contractor
- Pressure Washing Contractors
- Propane And Fuel Dealers
- Rug, Upholstery & Carpet Cleaning
- Sandblasting Contractors
- Security Alarm
- Siding Contractor
- Solar Panel Installers
- Snow Plow
- Stone And Tile Installer
- Swimming Pool Contractor
- Tree Surgeon
- Tree Trimming
- Upholstery Shop
- Waste Haulers & Garbage Collection
- Water Well Drilling
- Welding Contractor
- Wildlife & Pest Control
- Window Cleaning
Read up on Kentucky property commercial insurance, including how business property insurance protects your company's building's and/or their contents from damage, destruction, theft and vandalism.
- Apartment Building
- Business Interruption
- Commercial Flood Insurance
- Commercial Property
- Condo Association
- Equipment Breakdown Protection Insurance
- Homeowners Association Insurance
- Inland Marine
- Mobile Home Park
- Non-Residential Building Operators
- Shopping Center & Strip Mall
- Vacant Land
- Vacant Property
Get informed about Kentucky professional services insurance, including Professional liability, aka errors and omissions (E&O insurance), that protects your business against claims that a professional service you provided caused your client financial loss.
- Answering Service
- Attorney Lawyer
- Business Consulting
- Corporate Wellness
- Court Reporter
- Debt Collection Agency
- Electrical Engineering
- Executive, Career & Life Coaching
- Executive Search Firm
- Expert Witness
- Financial Services
- HR Consultant
- Mediator - Arbitrator
- Medical Billing
- Music, Drama & Dance Therapy
- Project Management
- Temporary Staffing
- Tax Preparer
Advertising, Marketing and Media
Learn about Kentucky media liability insurance - a specialized form of professional liability insurance that provides protection for legal claims brought by third parties.
- Advertising Agency
- Call Center
- Graphic Designers
- Market Research Firm
- Marketing Consultant
- Public Relations
- Search Engine Services SEO
- Social Media Consultant
Learn about Kentucky real estate insurance coverages including liability and commercial property policies for realtors, mortgage companies and more.
- Corporate Office
- Home Inspection
- Mortgage Broker
- Property Manager
- Real Estate Agents
- Real Estate Appraiser
Read valuable Kentucky retail insurance policy information. In a retail business, you need to have the right type of commercial insurance coverage so that your store, employees, and inventory are protected.
- Adult Novelty
- Appliance & Electronics Store
- Art Gallery
- Auto Service Repair
- Auto Supply Parts Store
- Bicycle Shop
- Book Store
- Bridal Shop
- Candy Confectionery Store
- Car Wash
- Carpet Store
- Clothing Store
- Collectibles Memorabilia Store
- Convenience Store
- Cosmetics Store
- Dry Cleaning
- Equipment Rental
- Funeral Home
- Furniture Store
- Gas Station
- Gift Store
- Hardware Store
- Home Improvement Store
- Hotel Motel
- Ice Cream Shop
- Jewelry Store
- Lingerie Store
- Luggage Store
- Office Supply Store
- Paint & Wallpaper Store
- Pet Store
- Pharmacy Liability
- Plumbing Supplies Fixtures Store
- Scrap Metal Dealers
- Sewing Store
- Shoe Store
- Sporting Goods Store
- Stationary Store
- Thrift Store
- Ticket Agency
- Tobacco Store
- Toy Store
- Travel Agency
- Wig Store
Health and Beauty
Learn about Kentucky health and beauty insurance coverages that help protect tattoo artists, salons, spas, estheticians, cosmetologists, barbers, hairdressers, nail salons and more from legal liability.
- Barber Hair Dresser
- Beauty Salon
- Day Spa
- Diet Nutrition Services
- Massage Therapy
- Medical Spa
- Nail Salon
- Permanent Cosmetics And Microblading
- Personal Trainer
- Tanning Salon
- Weight Loss Center
Information Technology and Internet
Learn about Kentucky IT technology insurance policies that help protect IT businesses, consultants & subcontractors from the unique risks that small tech businesses face when they work.
- Application Development
- Computer Electronic Repair
- Computer Programming
- Computer System / Network Developer
- Cyber Liability
- Data Breach
- Internet Business
- IT Consultant
- Online Store
- Software Developer
- Technology Services
- Website Design
Food and Drink
Learn about Kentucky restaurants, bars, liquor stores commercial insurance coverages. See how food service insurance help protect against accidents, oversights and lawsuits resulting from business operations.
- Bagel Shop
- Coffee Shop
- Concession Stand
- Grocery Store
- Liquor Liability
- Liquor Store
Medical and Dental
Discover Kentucky business insurance for medical and dental professionals. Medical malpractice insurance is a type of professional liability that protects health care professionals from liability causing in bodily injury, medical expenses and property damage.
- Ambulatory Surgical Center
- Art Therapy
- Assisted Living Facilities
- Dental Lab
- Diagnostic Imaging Centers
- Healthcare Facilities
- Home Medical Equipment Dealers
- Marriage & Family Therapy
- Medical Laboratories
- Medical Practice
- Mental Health Counseling
- Occupational Therapy
- Physicians Office
- Skilled Nursing Facilities
- Speech Therapy
- Substance Abuse Counseling
Manufacturing and Wholesale
Read informative articles on Kentucky manufacturing and wholesale insurance. Manufacturing and wholesale companies face many risks due to the nature of their business operations.
Education, Colleges, Universities & Schools
Learn about Kentucky commercial insurance for educators that helps protecting your professional reputation and other legal liabilities arising from your educational services.
- Charter School
- Colleges, Universities & Professional Schools
- Language School
- Educational Services
Sports and Fitness
Learn about Kentucky sports & fitness insurance policies and what they cover so that your customers, employees, and equipment are protected.
- Golf Course & Country Club
- Gym Fitness
- Hole-In-One Insurance
- Martial Arts
- Sports Team
- Yoga Teacher
Children and Pets
Discover what Kentucky commercial insurance policies cover for children and pet related businesses.
Find informative articles on miscellaneous KY businesses including the types of commercial insurance they need, costs and other considerations.
- Agriculture, Forestry, Fishing & Hunting
- Employment / Staffing Agency
- Engraving Business
- Facility Support Services
- Mail Order
- Parking Lot
- Personal Concierge
- Photofinishing Lab
- Private Water Districts
- Process Server
- RV Parks & Campgrounds
- Unmanned Aerial Vehicles (UAV) Drone
- Wedding Planner
Find useful articles on business insurance for Kentucky non-profit 501(c)(3) organizations, charities and associations.
- Fraternal Organization
- Labor Union
- Parent Teacher Organization
- Public Administration
- Social Work Services
Arts and Recreation
Read up on Kentucky arts and recreation commercial insurance.
Learn about KY agribusiness insurance - a type of commercial insurance protects farmers against loss of, or damage to crops or livestock.
Learn about Kentucky commercial auto insurance which includes liability and physical damage protection for vehicles that are used for business purposes.
- Big Rig Truck
- Bobtail Non-Trucking Liability
- Commercial Auto
- Commercial Van
- Dump Truck
- Food Truck
- Non-Owned and Hired Auto Liability
- Owner Operator
- Pizza Delivery
- Tow Truck
Kentucky General Liability Insurance Information
KY Commercial Insurance Articles
Read informative articles on Kentucky commercial insurance including costs and coverages.
- Best Business Insurance
- Cheap Small Business Insurance
- Commercial Insurance Brokers
- Commercial Insurance Quotes
- Commercial Liability Insurance Quotes
- General Liability Insurance Cost
- Liability Insurance Quotes
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 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.
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.
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Quotes from leading small business insurance carriers including: ACE, AmTrust, Chubb, Cincinnati, CNA, Colony, Employers, Evanston, Fireman's, Foremost, Guard, Hanover, Hiscox, Liberty Mutual, LLoyd's of London, Markel, MSA, Nationwide, Penn America, Philadelphia, Prime, Progressive, Scottsdale, The Hartford, Travelers, USLI, Utica First, Western World, Zurich & others.