GENERAL LIABILITY INSURANCE
GENERAL LIABILITY INSURANCE
5 Crucial Pointers For Purchasing General Liability Insurance
General liability insurance is one of the most important purchases that a business owner can make, as it allows for the increased protection of assets and provides coverage if someone should happen to become injured on the premises. In order to choose the best possible general liability insurance policy, you'll want to read on and learn more about the following crucial pointers.
1. Choose a Trustworthy Broker
It is important to establish a strong relationship with your general liability insurance broker during the early stages. They should be able to put your first and understand the needs of your business intuitively. The broker that you select should also direct you to a policy that matches your specific needs, as opposed to steering you toward a policy that increases their personal commission totals.
2. Assess Your Risk Factors
By doing the proper research and assessing all of your business risks before you have your initial consultation with a general liability insurance provider, you can make the process much easier. The greater their understanding of your business risks, the simpler it is for them to offer solutions that are specifically tailored to your potential problem areas. Most insurance providers have a predetermined level of risk that they are willing to accept, so be sure to do your homework.
3. Thoroughly Read Your Entire Policy
Don't ever make the mistake of signing a policy without reading it over first. This is a step that is typically skipped and those who do not take the time to read their policy are placing themselves at increased risk. By reading the policy, you can understand the full extent of your coverage and avoid any future issues. A quality general liability insurance will also be willing to read over the policy with you and break down all of the industry jargon into layman's terms.
4. Ask About Policy Bundling
While general liability insurance is able to be purchased on a separate basis, business owners can often save money by bundling their policy purchases. Ask your broker about their business owner's policy options, so that you can combine all of your policies into one simple package and save money over the long haul. The premium for these policies is often much lower than the cost of matching separate purchases.
5. Review Your Coverage on an Annual Basis
As your business continues to change and grow, so will your coverage needs. That is why you'll need to review your level of coverage on an annual basis, so that you can ensure that your needs are continuing to be met. The process of obtaining insurance does not end once you've made a purchase, it is ongoing. Choosing a trusted broker who can outline the changes that your business will undergo in the future and how they will affect your policy is important.