General Liability Insurance – When Do I Need It?

General Liability Insurance covers many things as well as bodily injury and property damage. Essentially it covers you when you and your employees injure/damage someone else or their property. General liability, is individualized, so If you’re searching online quotes your information will be submitted to several companies from which a qualified agent in your area will review. You’ll need to talk to that agent you buy it from, to see what is covered. Here are some questions people are asking about when they are considering what type of general liability insurance coverage to get.

Selling Products At An Inside Space

The minimum amount of general liability Insurance is what you’ll need for a policy. The general liability will cover your standard slip and fall types of accidents. Before you set up at a inside space, the municipality will, without reservation, suggest that you carry minimum limits of liability. The municipality will also necessitate that they be added to your liability policy as extra insured and they will want you to supply a certificate of insurance showing these provisions have been met. In addition to the general liability you will want to add product liability coverage. Product liability is designed to cover you if someone alleges that they were sickened by using your product. A municipality may or may not require you to carry products liability. However, because you will be selling to grocery stores they will demand that you carry products liability and once again have themselves added as additional insureds. Corporate grocery stores (i.e. chains) will often require much higher limits of liability which would necessitate the need for an umbrella liability policy.

General Liability Insurance For Clients With Bad Credit

I know of an insurance company that will check your credit on a commercial policy. They only do on personal insurance. They may look at the financials of the business for rating purposes (gross sales, liabilities, salaries, etc) & they may also choose if they will cover you based on the extent of time you have been in business. If you have been in business less than a year, this will give you more difficulty locating coverage than your personal bad credit.

General Liability Insurance Issues

List of issues for any business to think about in analyzing the terms and conditions of a General Liability Insurance policy. Is the dollar amount of the coverage enough, Is the insurer financially sound, Are the premium payments reasonable, Is the deductible too large, does the policy protect against bodily injury to customers and guests on the company’s property, does the policy cover property damage caused by employees and third parties, does the policy cover personal injuries, does the policy cover advertising injury, does the policy cover issues that stem from the company’s products, or is a individual policy needed, does the insurer have a rock-solid history of paying claims on time. When evaluating quotes all these issues come into play.

Cost of General Liability Insurance

You will have to verify with an insurance agent or two in your own state. Prices differ by state, and the rates will be calculated on your income. Not all insurance companies are accepted by all states. Each independent agent will have a group of insurance companies that he/she can write for, so it’s to your advantage to try an independent agent for the the best General Liability Insurance.