This would be general liability but you may be suprised how expensive it ends up. Used tools can result in bodily injury to the user, in which they could come back and sue you saying you sold the tool and it was unsafe. I don't think this is going to be a cheap insurance policy, probably $2,500 minimum per year no matter how big the company is.
If you are speaking of non-auto liability insurance for your business, the state imposes no requirements. That said, if you lease business space from a third-party, the lease may prescribe minimum insurance limits, and will generally require that the landlord be named as an additional insured. The amount of non-auto liability insurance that it is prudent to have is another question. It depends upon various factors, not the least of which is whether your business is open to the public (such as a store). If it is not, you will still want liability insurance to cover potential risk exposures relative to the products that you produce or sell. Overall, you have to look to the risk factors attending your business, and assets that you wish to protect. Your best bet is to consult a licensed commercial insurance agent/broker.
The type of insurance required for high and low risk businesses are generally the same, but the cost of insurance can vary significantly. However, some businesses may require special coverage that others do not. As an example, a liquor store may require liquor liability insurance, while a food store that does not sell alcohol does not.
I have just contacted the local ABC board to apply for an alcohol license for my store.It is a minimum of $100,000.00 liquor liability insurance coverage for a store in the state of Alabama.heres the number for the abc board out of Montgomery :1-334-213-6313 in case you need more info than I can give.
Commercial General Liability insurance protects you from a 3rd party bodily injury or property damage suit for which you are negligent. For instance, you own a dollar store and a customer enters your store trips over a loose rug and is injured. That customer has a right to sue you for his medical bills. Most tenants leasing space for retial stores will need a Business Owners Policy (BOP). This is a package policy for small businesses including General Liability Insurance and Property insurance for damage to your owned business property. The lease you sign with the landlord will detail the limits required and will ask that you name the landlord as "Additional Insured". Additional insured status protects your landlord under your insurance for suits brought against him for your use of his owned space. Consult an independent insurance agent for details about BOP policies offered in your state. William J Zester, Jr. Vice President MPPI, Inc. email@example.com
No. Liability insurance protects you from claims by third parties if an occurrence is alleged to be your fault and the third party claims compensable damages. It indemnifies you (pays damages on your behalf), and provides a defense (hires and pays an attorney at its own expense-if it wishes to contest liability or damages). A liability insurance policy is triggered only if the allegations made against you arise from a type of risk contemplated by the policy--for example, an auto liability policy will not apply to a trip-and-fall claim made in a store that you operate. Uninsured motorist coverage is a different coverage. It pays to you the same kind of damages, based upon an assessment of relative fault and seriousness of damages, that the at-fault party's liability insurance would have paid if that person had liability insurance. It generally applies to only bodily injury damages-not property damage. A useful paradigm by which to think about it is that liability coverage is "third-party" coverage (pays to injured third parties based upon your fault), whereas uninsured motorist coverage is "first party" coverage which you maintain as a source of compensation for yourself if the at-fault has no bodily injury liability coverage.
Assuming you mean insurance coverage for a sporting goods store, most major insurance companies insure operation of this type. Find an independent insurance agent that represents several companies, and he or she can guide you. If your business is in the U.S., you can also contact the National Rifle Association for information on shooting-related business insurance. You will need property insurance for the building and contents, and liability insurance. If you have not done so, you should consult an attorney regarding incorporating as a business.
Well, First of All You need a lisense to sell the insurance by the state, ,which is easily obtainable w/ a small fee and a test, the rest is kind of like running a retail store except you need a minimum of $1,000,000 which you can get with investors. But if you don't want to screw people over like the present tyoe of insurance companies do, i can say you might need upwards of $3,000,000 to start, not to crush your spirits. But you also have do get your company the lisesnses to sell insurance, which is a totally different story. Basically, start out small, act like an independent agent and follow the guidlines in the first paragraph. be carful.
It really depends on the use to which you are putting the real estate. For example, if a store was operated on the land, a liability policy insuring all co-owners is recommended. However, if it is raw., unimproved land, likely not. Nonetheless, if you are aware that there are hazards on the property (such as an open well) and that people go onto the property, you may have a duty to warn. Liability insurance may be available in those circumstances.
Provided your premiums have been paid and your policy was in effect at the time of the accident, an automobile's liability coverage will pay for any property damage you do in an accident, even if you run your car into a store front or knock over a power pole. The policy will pay up to the limit of the liability portion of the policy.
Since we assume you already have liability insurance, that will cover all occurrences while that policy is in force. You will need a claims made 'tail' policy to cover you for products liability for the longest period of the statute of limitations of any state your product is sold in. You may want to talk to your attorney about what type of business legal entity yours was, and if any personal exposure succeeds the business. If not, you may have no personal exposure and no need for insurance. if your current policy is a claims made form then you need to buy tail covergae owever, if it is an occurance form...you have portection under that policy for ever for any events that transpired with-in the policy term.
These are separate, although sometimes converging areas of law and liability. Contractual liability means that a party to a contract has somehow breached the contract and when taken to court will be held liable for the contract or at least for the loss to the nonbreaching party as a result of the breach. Tort is a separate type of liability that has to do with civil wrongs and gives a cause of action for the injured party. For example, an individual tripping and falling in a grocery store on a puddle of water may have a tort claim but would not have a contract claim against the store.
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