Does your business have commercial insurance?¬† Some businesses are required to have insurance, others are not.¬† How do I determine where my business falls. If you are required to have businesses insurance, you likely know. A governmental body may require your business to have a license. If that’ the case, it’s very likely that you couldn’t get your license unless you had prior proof of insurance.¬† Truckers, plumbers, insurance agents, and real estate agents are a few examples.
If I am required, what types of insurance will I need?
result, when insurance is required, it is, most likely to be a Liability coverage.¬† The two most common forms are General Liability (GL) and Professional Liability. Many contractors are licensed by the state.¬† In Kentucky, this is done by the Department of Housing, Building, and Construction.¬† Plumbers are governed by a subdivision of the department, the Division of Plumbing. The Division of Plumbing has as many requirements. The one we are focusing on is the requirement to provide proof of insurance.¬† It is a state mandate that all Kentucky plumbers have in place a general liability policy. The policy must have a minimum limit of $250,000.