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General Liability and Workers Compensation Insurance
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[QUOTE="Fola, post: 168891, member: 24"] 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. [/QUOTE]
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