General Liability Insurance Quotes
There are several different things to keep in mind before comparing general liability
insurance quotes. This form of coverage is important for every business to have, whether small or large. A
lawsuit that is filed stemming from bodily damage to another party may wind up bankrupting a business, depending on
the extent of damage and resulting costs.
Several things are important to remember about buying this coverage. First, examine and
assess the operating risks of the company. Depending on the nature of the business, this will vary. For example, a
company that produces hairbrushes is much less likely to face expensive liability lawsuits than a company that
makes and sells fireworks.
General Liability Insurance Quotes - Tips
Another important thing to consider is that without the addition of a business
owners policy, also referred to as a BOP, there will probably not be any provisions for property damage. A BOP can
usually be paired with most regular stand-alone policies. It is best to find out whether or not a policy is paired
or stand-alone when requesting and comparing general liability insurance quotes.
Many small business owners fail to purchase the BOP because of the common
misconception that it will make insurance rates higher. Adding a BOP is actually advantageous, as it results in a
lower rate or a rate that is barely higher than the stand-alone policy. About half of the damages that occur as a
result of business liability are property damages. This is why this form of coverage is so important.
General Liability Insurance Quotes - What You Should Know
Depending on the size of company and nature of business, there are several ways
to divide policies up. Some companies benefit from purchasing the two policies separately. This is not for
financial benefit in regards to premiums, but it is very beneficial if an expensive lawsuit is filed. As every
insurance agent rightly advises, it is much better to have thorough insurance and need it than to not have it and
The last thing to do when searching for general liability insurance quotes is to
review the state of residence's statistics regarding lawsuit awards related to the nature of business. Most
insurance agents can either provide this information or direct a person as to where to find it. Companies that
operate business in states with higher average damage awards for plaintiffs should purchase a higher allowance
amount for damages. Keep in mind that purchasing the minimum amounts available is usually not sufficient if a