Streetsmart insurance Blog
If you are accumulating wealth quickly and live the comfortable life with a large house, luxury car and other expensive assets, you've no doubt already insured all of those belongings.
Since the holiday season or your party is only once a year, it's easy to overlook safety even though you already incorporate it into the other aspects of your operations.
Most business insurance policies are tailored to the needs of service providers, with plenty of coverage for professional negligence, mistakes, and poor industry practices. On the other hand, product liability insurance is designed to protect manufacturers, wholesalers, and retail business from lawsuits that filed because of their defective products.
General liability insurance protects contractors from third party lawsuits. If a client sues you, your insurance policy will pay for your legal fees and compensatory damages up to your aggregate limit. Unfortunately, general liability insurance is not designed to protect contractors from employee lawsuits; if you want to protect your business from employee injury claims, you will need to purchase a separate insurance policy.
If you enter into a contract with another company, they may ask you to add their business to your insurance policy. If either of you are sued by a third party, they can pay for the claim through your policy and you can avoid a financial loss. But if your contract fails and your business partner files a claim against you, how will you protect yourself if they are an additional insured?