If you own a small business in the Bluegrass State, you need Commercial Liability insurance to protect your company and personal assets from the risk of financial ruin in the event of legal claims or settlements. No matter where your business is located, carrying sufficient commercial liability coverage is a key aspect of any successful small business plan in Kentucky.
Commercial Liability Insurance for Kentucky Businesses
Commercial liability insurance (also known as commercial general liability insurance or business liability insurance) will protect your company from serious financial loss that could result from claims of injury or damage caused to others by you or any of your employees. A typical Oakmonte Insurance policy will cover:
Bodily Injury – Physical injuries to people other than employees at your business location as well as injuries you or an employee cause at a client’s workplace or home.
Property Damage – Damage to another person’s property caused by you or an employee while conducting business.
Personal Injury – Slander, libel, invasion of privacy or property, false arrest, copyright infringement, wrongful eviction, and other acts that cause damage to someone’s reputation or infringes on their rights.
Advertising Injury – A loss caused by your business advertisements.
Legal Defense and Judgments – Covers expenses and overall costs needed to defend against real or frivolous lawsuits and judgments. Generally, this policy will pay claims up to the limit of your coverage but excludes punitive damages due to negligence or willful misconduct.
Minimum Commercial Liability Insurance Requirements in Kentucky,
Because Kentucky is a comparative negligence fault state, injury claims, damages, and settlements can be recovered by a plaintiff even if they are 99% at fault for the event – and there are no caps for personal injury claims in the state. While commercial liability insurance is not mandatory for any business operating in KY, accidents and lawsuits, no matter whether legitimate or frivolous, do happen. If you have substantial investments, own property, or have valuable assets that you could lose in the event of a lawsuit or claim, it is wise to protect those investments by purchasing a commercial liability policy for your business. If you operate from your home, keep in mind that your homeowners or renters insurance policy offers only limited coverage for business liabilities or loss.
Want to know more about how commercial liability coverage can protect your business, home, and assets in the event of a lawsuit or claim? Give Oakmonte Insurance a call today!