What to Do before Getting General Liability Insurance?
If you need coverage from property damage to bodily injuries, then it will be highly recommended to get general liability insurance. Simply speaking, this can provide enough coverage when you and your employees have damaged someone else’s property or if been injured by accident. General liability is individualized and with that in mind, it is very likely that your info will be submitted to various companies to which a qualified and experienced agent will review; and this is a common instance when searching for one online.
In an effort to see what is covered, it is important to talk that info to the person where you will get the insurance from. To ensure that you are going to get the coverage that you exactly need, then it is essential to throw vital questions to the agent.
Question number 1. Selling products at inside space – in your policy, being able to know the minimum amount for your general liability insurance is your job. The insurance will be covering the standard slip and fall kinds of accidents, however, before setting up at an inside space, the municipality will be suggesting you have minimum limits for the liability.
Not only that, the municipality will necessitate that they need to be added to the policy as extra insured and will want you as well to provide certificate of insurance stating that all of these provisions have been met and satisfied.
Question number 2. Clients with poor credit applying for general liability insurance – whether you like it or not, there are some insurance companies that will look first on the client’s credit. They may look at the current financial standing of your business mainly for rating purposes which will include salaries, liabilities, gross sales, and the likes. In addition to that, they may also base their decision whether or not will cover you depending on how long your business is in operation.
So in the event that your business has been in the market for a year or less, then this may make it difficult to find coverage than your personal poor credit standing.
Question number 3. Issues with general liability insurance – for businesses that are requesting for general liability insurance, there are some issues that should be addressed. With this in mind, it is essential for suspecting clients to check thoroughly and also, analyze the terms and conditions of the policy in question like if the dollar amount of coverage is good enough, is the insurer financially good, are there reasonable premium payments, is the deductible too big, does the policy provides protection towards injuries of customers inside the company’s properties and so on. When making a decision, these are only few of the points to be considered.