Montgomery Business Liability Insurance
Montgomery business liability insurance will protect your company from third-party claims related to advertising injury, personal injury and property damage. However, your liability insurance will not protect your property itself, rather it will cover you if someone else declares that your company damaged their property. See the difference? Montgomery business liability insurance includes a number of limitations and exclusions, and it can be somewhat difficult to understand.
Insuring an Alabama business is much more difficult than insuring a person or car. Every Montgomery industry has different risks, and each company needs a specific, carefully planned policy to protect them. Your particular insurance plan must be catered to meet your company's risk. For example, if you're opening a restaurant in Montgomery, Alabama, your needs will be much different than if you're opening a web design company.
General Liability Coverage
First of all, it helps to understand what your Montgomery business liability insurance does and doesn't cover. As explained above, your liability insurance is meant to protect you from third-party claims. In most cases, if someone brings a lawsuit against you, say because they were injured on your office staircase, your liability policy will offer your company protection.
However, there are number of exceptions. For example, if you are selling or manufacturing a product, then you need a clause in your Montgomery business liability insurance policy that includes products, or you need an additional policy. Your basic Alabama commercial liability policy will not cover you for claims made about your product.
The same goes for claims regarding professional negligence. If you're offering advice, for example, you need to have malpractice coverage. Your basic commercial policy will not protect you from claims related to errors that you've made. Malpractice isn't just for doctors and attorneys; technology specialists, architects, and many other professionals need malpractice coverage.
It's also important that you understand that Montgomery business liability insurance only protects you from third-party claims. Therefore, if you have employees, you need to have an additional policy to protect you from claims your employees may bring against your Montgomery, AL company. For example, if an employee sues you for wrongful termination or harassment, you need to have an additional policy to protect your company from such claims.
There is another exception that generally applies to all insurance. If you are intentionally lying, cheating, or acting maliciously, you won't be covered by any policy. Like most types of coverage, Montgomery business liability insurance is meant to protect you from accidents, not from intentional harm.
Montgomery business liability insurance will provide essential protection for your small business. Even a meritless claim brought against your company could put you out of business. Legal fees in Montgomery, AL can be extremely high. Luckily, your Montgomery business liability insurance has the duty to defend the duty to indemnify. Your insurance will pay all legal fees as well as the potential settlement, or any damages.
Alabama Restaurant Insurance
If you're opening a restaurant in Montgomery, AL, you may want to consider a Business Owner's Policy. A Business Owner's Policy will provide you with property protection as well as liability coverage. It may be a good way to protect your property and also purchase protection against potential legal claims.
As a restaurant, you need to insure your space in case there is a fire or other natural disaster. You also want to have your equipment insured. You can insure your equipment for replacement value or cash value. If you insure for cash value, you simply get the cash reimbursement for the market value of the item; if you insure for replacement value, however, your insurer will give you the cost of replacement. It's important that you consider the value of your equipment in the future when considering these two options.
Depending on the size of your Montgomery restaurant, you may or may not be eligible for a Business Owner's Policy. Also, if you serve a fair amount of alcohol, you may or may not be eligible. And, if you serve alcohol, you should beware that your basic policy won't protect you from alcohol related claims. So, if someone gets too drunk at your restaurant and does something foolish, you may be held liable.
There are a number of other policies you may want to consider. For example, if you're offering delivery, you may need a commercial auto policy for your cars. You also need worker compensation, for employee injuries. And, you may need an additional policy to protect you from claims made by employees.
Again, insuring a restaurant or a company is complicated. The best way to ensure that you have the appropriate coverage is to find a Montgomery business liability insurance agent to help you. He or she can help you find a reliable company and cover your risks.
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