When it comes to running a small business, you need to protect it with the right insurance coverage. The most common type of insurance for small businesses is a general liability insurance policy.
1. Various Factors Impact the Premium
When it comes to figuring out the premium for a general liability insurance policy, a wide range of factors will be taken into consideration. Some of those factors include the size of your business, the industry that you operate within, and the type of employee turnover your business experiences. Other things include the type of coverage you add to your policy and the type of deductible you choose.
2. Legal Requirements
In general, it is not a legal requirement in most states that businesses carry a general liability insurance policy. However, it is highly recommended, and a smart move for all business owners to make, as general liability insurance is a fraction of the cost of dealing with a lawsuit should your business be sued for a liability issue.
3. Immediate Start Date
With most insurance companies, if you need general liability insurance, you can get it quickly. You just have to fill out the application and get it approved, and then you will be issued a policy. Most insurance companies will email you your policy documents if requested or allow you to access them via an online portal.
4. Flexible Payment Options
With general liability insurance, most insurance providers offer flexible payment options. For example, they will allow you to pay the fee all at once for the year and generally receive a small discount for doing so, or they will allow you to split the cost up into monthly payments to make the insurance cost more manageable for your business.
5. Coverage Limits
With general liability insurance policies, the coverage limits can vary greatly. For example, you could get a policy with a coverage limit of $300,000 or with a coverage limit of $1,000,000. When it comes to determining what type of coverage limit you should choose for your business, you need to consider the size of your business and general risk presented in the business you run. In addition, if you do business with other companies, sometimes the other business may require you to carry a certain amount of liability insurance before they will enter into a contract with you, which is another factor to consider.
A licensed insurance agent can help you evaluate the risk that your business presents and provide you with suggestions for what the appropriate coverage limit should be for your general liability insurance policy.
General liability insurance is wise for all business owners to carry. It helps protect you from instances where you could face legal consequences for someone being injured at your property or due to a product or service your company offers.
Share1 June 2021
Ten years ago, I married my best friend in a beautiful, intimate ceremony. My husband and I have been nearly inseparable and we’ve enjoyed this special time in our lives where it has been just the two of us. However, we’re finally ready to have a baby. Because I only work part-time, my husband is the primary financial provider in the family. If something ever happened to him, I wouldn’t be able to instantly support myself and a child. Because my husband worries about an uncertain future, he is considering purchasing a larger life insurance policy. On this blog, I hope you will discover the best types of life insurance policies for young parents to invest in. Enjoy!
