Choosing the right kind of electrical business insurance can be challenging. But do not panic. There are some things you need to remember to find the right kind of insurance for your business needs. General Liability Insurance (GL), Comprehensive and Indemnity plans are common types of insurance policies available in the market. General liability is your business protection against any liability that may occur.
General liability is an umbrella term that covers both personal and business liability. General Liability Insurance (GL) is a type of insurance that covers your liability for damages and injuries caused by others in your work environment. General liability insurance policies can provide monetary compensation to injured customers or employees and also cover damages to property and to the physical condition of the business. General liability is typically cheaper compared to other plans because general liabilities are usually covered under the umbrella term of personal or business liability. General liability insurance is generally for small businesses and can be a perfect solution for your business if you need it now or in the near future.
Comprehensive, or Whole Life, policies, on the other hand, cover the owner, the business, its assets and the policyholders for life. Although comprehensive coverage is not as expensive as general liability, it does provide adequate protection against claims like lawsuits or product liability claims. General, personal or business liability, is only meant to provide protection to yourself from claims that you cannot afford. It is not as important as whole life insurance because it provides you with the protection you need for your business’ future and is not cheap because it provides protection only for a specific period of time.
