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How to Obtain a Complete General Liability Insurance Quote

General liability insurance cost is normally a very large part of your overhead expense for a small business. Knowing what to look for in your proposal can possibly help you in reducing your overall cost of insurance. Let’s look at three basic elements to look for.

  • Carrier. Your quotes for general liability insurance should include proposals from at least three different carriers/insurance companies. Some insurance companies are regional and some insurance companies are national in their scope of markets. Many times a regional insurance company tends to have lower pricing than that of national insurance company. Although, the national insurance companies tend to provide coverages in all 50 states as well as internationally. So, depending on the scope and breadth of products and services that you are offering you need to carefully consider what carrier you are getting a proposal from insurance from. If you’re getting an online general liability insurance quote that can become more difficult to get multiple carriers to quote your business. Besides choosing a regional or national carrier you need to also investigate the financial rating of the insurance company. Many of your clients and/or vendors will require highly rated insurance carriers as a requirement to doing business with them. Carrier selection is an important element of your commercial general liability insurance quote.
  • Coverages. As you get your free general liability insurance quotes it is important that you get detailed explanations of all coverages that are presented in the proposals. Sometimes when you’re getting your general liability insurance instant quote online there is little if any description of the coverages that are quoted. This is a key element that needs to be investigated thoroughly. While you might have found a very cheap quote online if the coverages are not what you need that you are basically paying for insurance coverage that is of no value to you. You need to investigate coverages so that you know what some of the basic elements of general liability coverage or so that you can readily identify the coverages you need in the proposal.
  • Cost. Most general liability insurance covers a multifaceted array of coverages. There can be substantial cost in having this broad type of coverage. General liability insurance providers will almost always issue this policy on an auditable basis. This means that the end of the year insurance company will do an audit as to your actual payroll, sales, receipts, rents, or in any other premium basis that they chose to use. You do not want to be faced with a very large audit, which means a large additional premium that you must pay, at the end of the year.

Carefully looking out for these three basic elements of every proposal, that being; carrier selection, coverage analysis, and the overall cost of the insurance, will go a long way in helping you obtain your goals for your small business insurance portfolio. You can easily investigate and learn more about coverages and carriers through some quick Internet investigation. The cost of insurance is usually a little more indirect and a little more difficult to dig into. General liability insurance consultants can sometimes help you fill that gap in knowledge.

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