Most people assume that general liability insurance covers claims that your business caused someone else harm. They are correct in most cases. However, coverage comes with different nuances, particularly regarding costs and the coverage offered. You’ll have to get coverage that protects you in a satisfactory way. What do you need to look out for to make this happen?
First, have an insurance agent who understands the ins and outs of this protection. They’ll help you understand how to establish and tailor your coverage to your needs.
The Limits of Your Protection
Let’s say someone falls in your store and gets hurt. They might have medical bills, not to mention lost income if they can’t work because of the injury. If they hold the business responsible, they might sue or request other compensation. In most cases, general liability insurance will cover the customer’s losses.
However, even with a policy, there’s no guarantee it will cover every liability claim. All policies will come with financial limits. Generally, they start in the realm of $1 million per accident and $2 million aggregate. That means, per policy term, you can get up to $1 million for a single occurrence, and $ 2 million total for the term. Keep in mind, most policies will have exclusions for what accidents they cover.
You will need to talk to your insurance agent about your industry specifics. They will help you decide if the $1 million/$2 million limits work for you. You might need more coverage, or specialized protection for niche liabilities. The better you tailor your coverage, the more protection you can get when you need it.
How Much Your Policy Will Cost
The costs of your liability insurance will vary from those of your neighbor. It’ll depend on your business’s unique needs, your risk profile and many other factors. For example, a sole proprietor might only pay around $500/year. Larger companies may pay several thousand dollars.
The best way to manage these costs is to work with an insurance agent who understands your industry. They’ll likely know which insurers offer the best value of coverage based on your needs. They can usually compare prices across various companies. Not only that, they can help you look for policy savings in the form of discounts. For example, you can often save on your policy by bundling it with other commercial insurance.
So, ask your insurance agent by calling 888.512.8878 about the ways you can save on your general liability coverage. Don't cut back on your coverage. You can still make your protection strong even while saving. Don’t wait. Get started today.
Also Read: Why Does My General Liability Policy Say I Only Have $5000 For Medical Expenses?