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How to Examine a General Liability Insurance Quote for Coverage Gaps

Having a keen eye in reviewing and analyzing your quotes for general liability insurance can pay big dividends in making sure that you do not have coverage gaps. Below we will show you how to examine and analyze your proposals so that your general liability insurance cost does not get out of hand.

  • Point number one. Make sure that your commercial general liability insurance quote provides coverage both on premises and off premises for all of the products and services that you offer. In searching for an online general liability insurance quote this might difficult to do as normally online the information is usually bare minimum at best. If you have exposures of overseas and in other countries you do need to make sure that your coverage lines up with the requirements of your clients and/or vendors. Not having your coverage to extend to provide coverage for all of your operations will create gaps in coverage.
  • Point number two. The general liability insurance covers the named insured. Thus, it is very important that your policy is issued with all of your various owners, legal entities, and doing business as entities listed specifically on the policy. If there’s common ownership in all of these entities it is usually not necessary to list each and every one but if the ownership varies it is very important that each and every entity is specifically listed as a named insured. Failing to do so can create tremendous gaps in coverage.
  • Point number three. Your certificate holders also need to have the correct name and address listed on any and all certificates that are issued on your behalf. You might have contractually agreed to notifying your certificate holder and/or providing proof of coverage to your certificate holder within the contractual provisions between your clients and/or vendors. Failing to have your certificate holders properly endorsed onto your policy can create legal and contractual problems for you down the road. Taking the time to get the name and address correct for all of your certificate holders will help eliminate gaps in coverage down the road.
  • Point number four. Normally you get what you pay for with your free general liability insurance quotes so it is very important that you know exactly what coverages you are paying for. You need to make sure that the cost is associated with the coverage so that you can clearly see what you are paying for the help eliminate gaps in coverage.
  • Point number five. General liability insurance providers can come and go in and out of the marketplace. Making sure that you place your insurance with an insurance company that is stable and financially strong can help prevent a gap in coverage come claim time. Especially if the claim occurred several years in the past, if that insurance company no longer exists you are now self-insured for this claim. This can be a devastating gap in coverage.
    General liability insurance consultants that are competent in this field can help guide you in purchasing your insurance so that you do not have gaps in coverage.

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