7 Tips for Choosing Your Corporate General Liability Insurance

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It can be easy to get stuck in a state of analysis paralysis when trying to find corporate general liability insurance for your organization. There are so many choices and there is limited time available to make the right decision for your business.

That's why we have written this article for you. We will explain what to consider when choosing general liability insurance for your business. Keep reading to find out more.

1. You Should Look at What the Policy Includes

When you own a business, you likely run a tight ship. You might not want to make purchases without ensuring that it can fit into your overall budget and plan.

That's why the liability insurance price point matters quite a bit when choosing your insurance provider. You probably have a maximum price that you are willing to pay for your business insurance. In order to stay within this price point, you should take a look at different policies to see where they are priced and if they fall within your maximum limit.

You should eliminate the ones that are too expensive, and then look at the ones left over for what is included in the policies.

Don't assume that the price of the policy corresponds to the level of protection provided by the policy. 

Cost is not the only factor that matters when choosing business insurance, but it can be one of the primary factors.

2. Don't Forget to Read the Fine Print

An insurance policy has a lot of fine print. Reading the fine print can help explain the specifics of what is or isn't covered. 

If you are unable to read the insurance policy yourself, it is a good idea to have someone on your team read it.. There could be coverages, limits or exclusions contained within the policy language that could leave your business exposed. Reading the policy can help ensure that someone familiar with the operations of your business has made sure nothing stands out before you sign on the dotted line.  

If you feel like something in the policy doesn't seem right or leaves you with a gap in coverage, speak to an insurance representative or agent before dismissing the policy entirely. They can change coverages and limits on the policy in order to help ensure your business could be protected. 

3. Comparison Shopping Isn't Always Necessary

There are many insurance providers to choose from. You could easily get lost and spend a large amount of time trying to pick an insurance policy.

Remember that most insurance providers have similar policies and outlines to choose from, with minor differences. So don't let the option of choice get you down about your selection.

If you have decided to go with a particular insurance provider, then you may feel satisfied that you have made the right decision for your business.

Waiting too long to find an insurance policy might be detrimental to you since you could be unprotected and that can put you and your business at financial risk.

4. Look at Online Customer Reviews to Gauge Reputation

Most vendors nowadays have online customer reviews to browse through. It can become the primary way brands build their reputation online and get new customers.

So, you may want to do your due diligence and look through the various Google or Yelp reviews to see what previous or current customers say about your insurance provider. Any red flags that pop up should be taken seriously.

You may want to avoid insurance providers that have customers complain their claims haven't been paid when the time comes. And of course, you may want to stay away from companies who don't have any negative reviews, as it could be a sign that they have paid for reviews or manipulated the review system somehow.

5. Request Referrals from Business Partners or Vendors

You may have a lot of business partners, vendors, suppliers, or other organizations that you come into contact with daily. They might have corporate general liability insurance as well, so you can use them as a referral when it comes to choosing your own.

If they have a lot of good things to say about an insurance provider, then you can use that as a sign to go ahead with that policy. Or to inquire further about it.

Before you sign with a particular insurance provider, you may want to put out a few feelers with your contacts to see if anyone has anything negative to say about them. If nothing pops up, it could be a hint that you've chosen well.

6. Check Out the Policy Limits as Well

Every insurance policy has aggregate limits, or a maximum amount that the policy can cover in one year as well as a per-occurrence limit, which is the maximum amount covered per incident.

Read through the various policies you are considering and figure out what their policy limits are and whether they could work for your business.

Most policies will have similar aggregate limits, but it can still be a good idea to figure out if the insurance policy on your shortlist has similar limits or not. If a policy is too out of the norm, you should consider crossing it off the list or looking at it in deeper detail.

7. Do They Have Experience Working With Your Business?

Different kinds of businesses have different needs when it comes to buying insurance policies. It can be a good idea to choose an insurance provider that has experience working with businesses similar to yours, whatever it might be.

For example, if you run a dog walking business, then that business likely has very different needs from a retail store. Insurance policies for each of these varying businesses can be quite dissimilar to each other.

It's not a one-size-fits-all policy here.

And that's why you may want to inquire if the insurer has worked with a business like yours or not. This can help assure you that they know what kind of issues you deal with regularly and if they can serve you well when it comes to helping to protect your business interests from intruders and outside forces.

Picking Corporate General Liability Insurance Takes Work

It can be hard to choose an insurance policy for your business. A lot of people may rely on you to choose the right corporate general liability insurance policy, so you might want to take your time with this decision.

PolicySweet® has a BOP (Business Owners Policy) for most business owners searching for liability insurance and additional coverages. It contains general liability insurance, business property insurance, and cyber risk coverage. Check out what a BOP policy includes on our website and contact us if you have questions.

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