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. This way, if by accident that you and your employees damaged someone else’s property or if been injured, you know that you are covered. When searching for general liability over the web, don’t be surprised if your personal information is sent to a number of companies where a qualified and experienced agent will review it and contact you; this is for the main reason that such policy is customized to the client’s needs.
You have to talk to that person where you will be getting the insurance from in order to see what’s covered. To help you with your purchase, here are few questions that you may need to ask about the coverage before getting one.
Question number 1. Selling products at inside space – it is extremely important that you specify the least amount of your general liability insurance. 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.
Moreover, the municipality will require you to add them to the policy as an extra insured and at the same time, will require you to send them a proof that all of the provisions have been satisfied, which often comes in form of certificate.
Question number 2. Clients with poor credit applying for general liability insurance – reality hurts but some insurance providers will be taking a thorough look first of your credit rating. What these insurance companies will do is to check the most updated financials of your business from 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.
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. 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. These are only some of the things that should be checked when making a selection.
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