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Questions you must ask before purchasing a General Liability Insurance Policy

Are you a business owner?

Is your business protected from any future damage, a lawsuit from a client who got injured on your property?

If no, then you must immediately seek protection with a general liability insurance policy. But before going shopping for the policy, let us help you guide you on what entails a general liability policy and what questions can help you land a fitting policy with adequate coverage at an affordable price?

So, what is a general liability insurance policy?

Also referred to as business liability insurance policy, it protects the business and the owner from being sued for any claim alleging their property or business playing a part in the damage or injury caused. It covers medical expenses as well the legal consultation fees for defending the case in which the business has been held accountable. Apart from paying for the harm caused to the person and damage to the property, general liability insurance policy also safeguard from the cost of reputational harm claim and advertising error claims. The cost of the insurance policy is dependant on the industry type and business location.

Business owners that make the mistake of not investing in this policy end up paying hefty medical bills and losing significant money. A wiser decision would be to spend in an umbrella insurance policy that will provide coverage beyond the conventional general liability insurance policy.

Now that you understand the importance of a general liability insurance policy let us look into what questions you must raise to be able to find the best policy coverage:

How much coverage would I need?

This is on you to decide, and it is better to have a lengthy transparent discussion with your insurance agent on it to be able to determine the extent of coverage you and your business need so that in the advent of something unfortunate in future, you are adequately covered.

What conditions am I expected to adhere to under this policy?

There would be certain obligations laid down by the insurer that you need to adhere to, such as paying the premium, notifying the carrier of changes in business practices, etc.  Not complying to those might result in termination of the policy coverage.

What are all the inclusions and exclusions in the policy?

Depending upon the insurance company from which you are purchasing the insurance policy, the extent of inclusions and exclusions are different. You should be well aware of that the respective policy covers and excludes. By knowing inclusions, you would be able to determine the gaps in the coverage which you can fill by purchasing an additional policy. Similarly, by understanding the exclusions, you would prudently operate your business so that it does not result in losses which can not be covered by the policy.

If you are looking for a sound insurance policy that can protect your business from any lawsuit in the future, you should purchase an umbrella insurance policy which provides additional benefits that are not covered by a standard general liability policy such as the payments that exceed in the underlying policy. We advise you to get a general liability insurance policy from an independent insurance agency in Cabot that will provide you with the best combination of price and coverage available in the market for any and every insurance be it boat, health, ATV, renters, auto, home etc.  

Get a free quote for a fast and free claims service, today!

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