General Liability and Workers Compensation Insurance

Fola

Member
If you operate a business, it is vital that you have both types of liability insurance. The most basic of these is the general liability insurance which covers the risk faced by the business against any injuries or damage to property that may occur by its workers or customers. This can cover a wide range of issues as described below. It is important to be aware that even if a business is sued for an injury or damage that has occurred on its premises, general liability covers this matter up.

When employees are injured on the premises of your business, they can often receive long term medical treatments that will end up costing them their whole careers. It can also be very difficult for families of deceased workers to cover debts of this nature. A general liability insurance policy can cover these kinds of expenses and many other things. As a general rule, the longer employees stay on the job, the more chances there exist that they will injure themselves or fall ill. In some cases, the injuries might even be serious enough that they require surgery. In such cases, a policy can cover such treatment costs and its proceeds.

Property damage can also occur at your business. While the general liability insurance will cover property damage, a workers compensation insurance policy will cover it up to a certain extent. In addition to covering the cost of medical treatment and lost wages, a workers' compensation insurance policy will also cover legal fees and court costs. While it is true that sometimes it can be more expensive to have both a liability insurance and a workers' compensation insurance policy, it is often more economical to have a one than the other. This is because you will receive financial support from the insurance company to cater for your employees in case of accidents on the job and you will be able to handle any property damage liabilities yourself.

If you do not have a business at hand, but are planning to run a home renovation business out of your home, you need to consider purchasing a general liability insurance policy. This type of policy will not only cover liability, but it will also give you additional benefits such as income tax reduction, business interruption coverage, and property damage coverage. It is best to purchase this type of home renovation insurance policy from an insurance company with a good reputation in the field, as these are the companies that you can trust to handle your property damage claims in a prompt and efficient manner.

You can also take advantage of your workers' compensation insurance policy if you have a lot of people coming into your office for repairs or renovations. If you have a lot of people visiting your office, it can get pretty expensive to hire a new employee just to replace someone who was injured on the job. With this type of workers compensation insurance, you can help cover the cost of hiring a new employee to help cover the cost of your general liability insurance.

General liability and workers compensation insurance policies are designed to help protect you and your business. In the event that you cause damage to someone else's property or suffer injury, you can be held financially responsible for it. These types of insurance policies can also help cover damages if you cause a fire, and if you are sued for malpractice.
 

btaliat

VIP Contributor
I think liability insurance policy works differently. There is instance where the insurance policy will only cover the damage that the company itself commits against any third force rather than the ones committed against the company. But in any way, we need to have liability insurance policy as a business owner.
 

lamia5765

Valued Contributor
I think liability insurance policy works differently. There is instance where the insurance policy will only cover the damage that the company itself commits against any third force rather than the ones committed against the company. But in any way, we need to have liability insurance policy as a business owner.
It varies from one case to another. Some companies do not cover liability insurance for all their employees and then when an employee that is not involved in any liability insurance in most cases will pay all medical treatment on his pocket money. This is due to the lack of budgetary of a big company containing 500 workers or even more.
 

sincerem

VIP Contributor
This kind of insurance policy shouldn't be neglected by any entrepreneur running a risky business, already all businesses are subject to risk. That's why we need to consider insurance as one of the nail out investment in our respective businesses when challenges unbeknownst occurs in our business run in with time.
 

Mataracy

VIP Contributor
Insurance liability is very good if the employer can afford it for all its employees. Some times the accident that do occurred in the working place environment use to be vital. There are some cases where some engine will cut workers hands and the company will be responsible for the treatment if the the employees.
 

Wisdom01

VIP Contributor
The general liability insurance policy would be really expensive , considering the fact that you are actually covering every cost involving to the property damage and the risk you are insuring against ,I think the general liability insurance policy is costly but still very much important to get for coverage
 

Mandy96

VIP Contributor
This is good though but there are some areas I do not understand and these are the compensation aspects, I would appreciate it if more light can be shed on that part. Truth be told, you really nailed it. This has to be known by anyone interested in it or already purchased it
 
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