Every commercial general liability insurance policy has defined limits set forth in the policy and on the declarations page. Understanding these limits is important for making sure that you have enough coverage in any given area and are adequately insured against risk. Here’s a look at the six defined liability limits in a general liability…
5 Types of General Liability Claims and How to Avoid Them
As a business owner, you need to be prepared for anything and everything. Accidents could happen that you are liable for, which might cost thousands of dollars. Without general liability insurance, you’d have to pay those claims out of your pocket. Fortunately, a general liability insurance policy can mitigate those expenses when they arise. Even…
Products-completed Operations Coverage: What It Is & Who Needs It
Products-completed operations coverage is a part of a general liability policy that pays for injuries or property damage caused by a business’s products or operations. It is essential for contractors, service providers, and businesses that manufacture, distribute, or sell goods. Typically, a small business can get a general liability policy that covers products-completed operations for…
16 Common General Liability Insurance Exclusions
General liability insurance covers accidents and mishaps that can happen during the course of business operations. While most accidents are covered, there are exclusions to general liability policies that you should be aware of so that you can try to avoid instances not covered or get additional insurance to protect your business. It’s important to…
What Is Premises Liability Coverage?
Premises liability coverage is an insurance policy that pays claims for accidents involving guests that take place on your business property. By law in all states, an owner of property must make reasonable efforts to make sure that those visiting the property are entering a safe environment. To understand why premises liability coverage might be…
Can a Business Liability Waiver Protect Your Business?
When used in the right manner, liability waivers can help protect your business from lawsuits. Of course, you can still be sued, but the liability waiver serves as part of your defense that the plaintiff waived their rights to a claim. However, there are cases where the liability waiver is unenforceable. What Is a Business…
What Are General Liability Insurance Class Codes?
General liability insurance class codes are a way for insurance carriers to classify risk based on the work a company does. Every business has differing types and degrees of risk. The class codes help insurance carriers assign an appropriate premium rate, offer the correct type of coverage, and determine any exclusions, if necessary. How General…
What Is a General Liability Audit?
A general liability audit is when your insurance agency reviews your risk exposure based on payroll, gross sales, and employees’ job duties. It’s a way to make sure that you have the proper amount of coverage and are paying the correct amount for general liability insurance. Why Insurers Audit General Liability Policies General liability policies…
General Liability Insurance Coverage & Cost
Commercial general liability insurance (CGL) protects businesses from financial losses due to third-party claims for bodily injury or property damage, making it one of the most important insurance policies any business will buy. General liability insurance costs vary, but the majority of small business owners pay between $400 and $1,000 per year. What Is General…
The Difference Between Bonded and Insured & Why You Need Both
Sometimes, you may hear a contractor say that they are bonded and insured, but what this means can be a little bit of a mystery. Being bonded means you have purchased a surety bond that offers limited guarantees to clients. Being insured means that you have an insurance policy that protects against accidents and liabilities,…
How Is General Liability Premium Calculated?
Ever wonder why your general liability premium is more than your buddy’s business insurance costs? It’s not an unreasonable question to wonder this and try to determine how general liability insurance is calculated. Depending on the unique factors of your business, insurance companies will rate the risk and determine your premium. Here are some insights…
Insurance Broker vs Carrier: Which Should You Choose?
There is more than one way to buy a commercial general liability insurance policy. You can buy it directly from the carrier, through an agent, or via a broker. The carrier is responsible for maintaining the terms of the insurance contract, also known as a policy. An agent works on behalf of an insurance carrier…