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Insuring Your Home

When we started thinking about buying a home, I realized that we had a boatload of work to do. I knew that we needed to save up a down payment, talk with a mortgage broker, and most importantly--figure out what we were doing about homeowners insurance. Fortunately, a friend of mine told me about a great insurance broker in our area who handled that kind of thing. We met with her to talk about our options, and before we knew it, we had found a policy that really melded with our budget and lifestyle. This blog is all about insuring your home.

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Starting A Business? 3 Things To Know About General Liability Insurance

If you are starting a business, one of the first things you need to do is make sure that you protect yourself with a general liability insurance policy. Basically every business should carry a general liability insurance policy in order to protect their investment and make it easier to enter into business contracts.

Not Required by Law

First, it is important to understand that the law in the United States doesn't require you to carry general liability insurance. General liability insurance is not like car insurance, where states require you to carry a certain amount or type of coverage. With general liability insurance, how much you carry is up to you.

However, if you have a professional license, such as an electrical license, you may be required to purchase a general liability insurance policy as a condition of keeping your license current.

Required for Certain Contracts

Even though general liability insurance is not required by law, it is required for certain contracts. For example, if you are leasing a space for your business, your lease may require you to carry general liability insurance as well as property insurance. Many leases require you to carry general liability insurance because the property owner does not want to take on the liability that someone may be hurt within your business.

Many different types of business contracts require you to carry liability insurance as well. Contracts are varied as equipment rental to loans often require you to carry general liability insurance.

Covers Lawsuits

General liability insurance is designed to protect you from lawsuits. For example, if someone were to slip and fall at your business, and pursue a personal injury lawsuit against you, that is where our general liability insurance policy will kick in.

General liability insurance will cover all the costs of dealing with lawsuits, from paying for a lawyer to paying expert witness fees to paying damaged if you settle the case or lose in court. All of these legal expenses will fall under your general liability insurance umbrella and will allow your business to get through legal troubles without having to sacrifice your entire business.

You are not required by law as a business owner to carry liability insurance; however, it is a smart choice to carry a liability insurance policy. A liability insurance policy will protect the investment you made in your business and make it easier for you to enter into business contracts. Protect your business and your investment by purchasing a general liability policy that will cover and protect all of your needs.