General Liability Insurance in Vermont
When you invest your time, effort, and money into your business, you would hate to see it crumble because of an accident. However, that’s exactly what could happen if you are sued due to an injury on your property or damage to a customer’s property. You can protect your Vermont business with a general liability insurance policy.
Vermont General Liability Checklist
Accidents can be very costly if you are found to be responsible, either through action or negligence. If a customer slips in your parking lot during a Vermont winter, you could be sued and have to pay not only legal fees and court costs, but also medical expenses, lost wages, and other damages. Without general liability insurance, these costs come out of pocket, significantly impacting your business. However, with the appropriate policy, covered expenses can be paid for.
General Liability Insurance Coverage
General liability policies pay for a wide range of events that may occur. Personal injury due to falls, toppling inventory, and other events, as well as damage to others’ property may be covered under this policy. Property damages may occur at your office or a job site. You may also be covered if you cause damage to a rented office space accidentally. Because policies differ, it’s important to understand what your specific policy covers.
For covered events, you can receive help paying for a wide range of expenses including:
- Medical costs
- Legal defense
- Court fees
- Punitive and non-punitive damages
- Repair or replacement costs
- Lost wages
What You Need To Be Aware Of
Business Owners Policy
Since general liability is essential to protect many businesses, it is included as a standard part of a business owners policy. These package policies are designed to cover your most common risks. However, if you have a business owners policy, you should make sure there is adequate liability coverage for your risk factors. You may want to purchase additional liability protection.
Vermont Liability Coverage
Unfortunately, your general liability policy cannot cover every situation, and certain events, such as a cyber attack may be excluded. You should speak with your insurance agent to determine the specifics of your policy and in what areas you may still be vulnerable. There are a variety of other liability policies available to supplement your general liability policy. Many businesses can benefit from purchasing additional liability protection in the form of:
- Cyber Insurance
- Professional Liability
- Product Liability
- Employment Practices Liability
If you need extended liability coverage, a commercial umbrella policy can help provide additional protections by extending your coverage and broadening the scope of your protection.
If your business has assets, your business can be threatened when an accident or injury occurs. By investing in general liability insurance, you are providing your Vermont business with a wide range of protection from common events such as personal injury to a customer or damage to their property. It’s important to discuss with your agent your business assets and risks to determine how much coverage you need to properly protect your company.