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1st Source Insurance Solutions Inc
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1st Source Insurance Solutions Inc
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Business Insurance in Carmel, IN

Who needs business insurance?
  1. In a word – every business! If you are a white collar professional (consultant), or run a business, a contractor, or small business owner, you need some form of general liability protection to safeguard your business. A single accident could result in a costly lawsuit. A general liability insurance policy is a great way to protect your business. You want to make sure you have liability coverage that matches your level of exposure. Some employers or clients might require you to carry a certain amount of general liability before you can work for them.
  2. To learn more from our experts in the Carmel, IN and surrounding areas, get in touch with us.

Common Exclusions

Please note, coverage does vary by insurer and it will include additional exclusions other than the examples below. It would be best to thoroughly review your policy to know exactly what your policy does and doesn't cover.
  1. Damage to Your Work - Usually, commercial general liability policies exclude coverage for property damage to your work.
  2. Damage to Your Product - Commercial general liability policies will not cover property damage to your product.
  3. Contractual Liability - Commercial general liability policies exclude coverage for bodily injury or property damage that you are obligated to pay because you assumed liability in a contract or agreement.
  4. Recall of Products, Work, or Impaired Property - Commercial general liability policies will not pay the cost to recall faulty products, work, or impaired property. You do have the option to add this coverage to the policy by endorsement for an additional cost.
  5. Workers' Compensation and Employer's Liability - Commercial general liability policies don’t provide coverage for workers' compensation, or employer's liability.
  6. There may be other exclusions that apply on a local level to the Carmel, IN and surrounding areas.

How business (liability) insurance works.

The general liability coverage of a business insurance policy outlines the maximum amount the insurance company will pay against a liability claim. For example, if your business gets sued for $250,000 for medical costs associated with an injury plus an additional $100,000 in legal fees, but your coverage amount is maxed at $300,000, then you would be responsible for paying the difference of $50,000.

Now, if you are on the higher end of the risk scale, and already have general liability insurance, you can also opt for excess insurance or business umbrella insurance that increases your coverage limits. This will cover you in situations in which you’re worried that your existing coverage won’t cover all your costs should someone file and win a claim against you.

Our agents have helped many businesses in the Carmel, IN and surrounding areas. Get in touch, we can help you too.

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1st Source Insurance Solutions Inc has other insurance programs like Auto Insurance in Carmel, IN.