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What to Look for in any General Liability Insurance Quote

Comparing General liability insurance quotes can be confusing proposition. Knowing what to look for in your business liability insurance quote can ease the stress in this buying process. Below are a few quick items to look for within the proposal or proposals that you will receive.

  • Carrier niche. Making sure that your commercial general liability insurance quote is presented from a carrier and/or carriers that specialize in your industry is an important part of obtaining a competitive proposal. If you are doing your own online general liability insurance quote it will be up to you to make sure that you read the various websites to make sure that the insurance company specializes in your industry.
  • Carrier rating. All insurance companies have financial ratings by several different financial institutions that specialize in rating insurance companies. Normally, you would not want to insure within an insurance company that has a rating below “A”. Most of your vendors in their insurance requirements will not permit you to do work with them if your insurance company has a substandard rating.
  • Classification. This one item will probably have the most impact on the pricing of your quote for general liability insurance. Making sure that the carrier has classified your business correctly not only affects the pricing but can also affect the coverages on your policy. If you have been misclassified and are enjoying a cheap price it may come to haunt you in the future if the carrier denies the claim because your operations are different than your classification.
  • Coverages. When obtaining your free general liability insurance quotes you need to insist on the explanation of coverages alongside the pricing. Coverages do vary from carrier to carrier and from state to state. Even though you are not paying for your free business general liability insurance quotes, you should still insist on a format of the proposal that it is easy for you to understand.
  • Gaps. Especially if you are obtaining a general liability insurance instant quote online you need to have some idea as to the coverages that your unique and specific business needs. If your business has liability exposures off your normal premises, making sure that your general liability policy covers your company off premise is extremely important. Liability insurance policies can be written to cover premises only or premises and off premises. Normally the on premises only coverage is described OL&T coverage. The more comprehensive liability policy for both on premise and off premise coverage is referred to as CGL coverage. Also, if you utilize independent contractors or subcontractors you need to make sure that your policy is properly endorsed to protect you from claims from those independent and subcontractor relationships.
  • Contractual liability. Many times throughout the course of business you will be asked to sign contractual agreements with your clients and/or vendors. You must realize that just because you are signing a contract, especially one with insurance provisions, does not mean that the insurance company will respond to all of your contractual agreements. You might in fact, be self insuring these exposures via your signature on a contract.

Looking for these six items in your general liability insurance quote will go a long way in helping you obtain the pricing and coverages that you need.

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