Why Get Business Insurance in Montana
Montana is home to many different types of businesses. Business liability insurance offers financial protection to all of them. Whether you own a small retail establishment or a large business with thousands of employees, Montana business insurance protects business owners from loss by covering the cost of damages and injuries due to accidents, lawsuits, or natural disasters. As with all types of insurance, there are exceptions as to what is covered. Some of these exclusions are professional liability, claims involving discriminatory or unfair practices, and claims brought by a subcontractor. As a responsible business owner, it is important that you remain well-informed as to what Montana liability coverage does and does not pay for in the event of a claim. By doing this, you can further protect yourself and your assets by purchasing additional types of coverage and adding them to your basic liability policy.
Workers Compensation in Montana
It is mandated by the State of Montana that companies with employees have to purchase and maintain worker’s compensation insurance for their employees. Other forms of commercial insurance coverage are optional. Also, the state of Montana is considered to be a no-fault state which means that no matter how an employee’s work injury or illness occurred, all medical and wage benefits will be paid to that injured worker.
Coverage for Montana Business Insurance
Basically, Montana business liability insurance protects your business against accidental injury. It does not matter whether the injury is referring to property damages, bodily injury or a form of financial injury that is caused by advertisements. Injuries that result from a product you sell or manufacture can also be covered by Montana business liability insurance. It is of utmost importance to ensure that the coverage you purchase suits your specific business needs.
To elaborate further, bodily injury coverage is automatically included when you purchase a general liability insurance policy. When you have this policy, you are protected from having to pay the medical treatment costs as well as any monetary compensation awarded to another party when a wrongful death occurs and is due to the negligence of one of your employees.
Property damage protection is another form of basic coverage normally included with a Montana business liability insurance policy. However, this part of your Montana business liability insurance does not necessarily cover the property you are working on and may damage accidentally. Furthermore, the damage must not be an error made during the repair but must be inflicted in another way.
Another additional coverage which you may want to consider is Advertising protection. This coverage will protect your company from the financial consequences brought about by a lawsuit stating that your advertisement caused financial harm to another business. An example of this is if you run a comparison advertisement that states your product is much better than your competitor’s.
Finally, the unique needs of your company can be fully met through Optional Montana liability coverage which includes Contractual liability, MT liquor liability and liability automobile coverage for vehicles that are used for business purposes. Carrying the appropriate Montana insurance is crucial to ensure that there are no coverage gaps which can leave you exposed to expensive lawsuits.
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