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.
You have to talk to that person where you will be getting the insurance from in order to see what’s covered. To assist you in making the purchase, there are several questions that you might have to ask about the coverage.
Question number 1. Selling products at inside space – in a policy, you have to specify the least amount of general liability insurance. The insurance does cover standard slip and fall kinds of accidents but you must know that before setting it up at inside space, the municipality will tell you to 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. And sometimes, depending on the number of years that your business is in operation, they may use it as grounds to decide whether to provide coverage or not.
Say for example that your business has been in operation for a year or less, then this is going to make it a bit harder for you 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. Because of this, it is necessary for clients to analyze the policy’s terms and conditions whether 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 the likes. These are just some aspects that must be checked when making a decision.