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…
Insurance
What Is an Additional Insured?
Additional insured endorsements are amendments to insurance policies that extend limited coverage to entities not already named on the policy. Typically, the additional insured is a person or organization that could benefit from the protections the policy offers, such as companies that hire contractors. As an additional insured, the hiring company is protected if the…
Commercial Umbrella Insurance: Cost, Coverage & Providers
Similar to commercial general liability and commercial auto liability insurance, commercial umbrella insurance will cover legal costs, medical bills, damages to other property, judgment-issued payments, and settlements. The difference is that umbrella insurance acts as additional coverage for businesses if they have exhausted the coverage limits on their primary insurance policies. How Commercial Umbrella Insurance…
Certificate of Liability Insurance: What It Is & How to Request One
A certificate of insurance (COI), sometimes called a certificate of liability insurance, is a one-page document that summarizes your coverage and can be used as proof of insurance. The form includes policy details, such as coverage limits and effective dates, so business owners can find and share them easily without revealing other, more private information….
What Is a Surety Bond?
A surety bond is a type of financial coverage that is designed to guarantee the performance of contractual obligations by the contractor who purchases it. A bond is generally required by the owners of the project for the primary contractors to purchase but can also be required by general contractors for subcontractors to purchase. Surety…
How to Find Cheap Small Business Insurance in 6 Simple Steps
Small business owners can sometimes get stuck between protecting their business and their bottom line. The two can seem like they’re at odds with each other, but they don’t have to be. You can find cheap small business insurance that gives you the coverage you need without breaking the bank if you follow these six…
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…
Why Independent Contractors Need Liability Insurance
Often, independent contractors and freelancers opt not to get liability insurance. They either feel they don’t have enough business to have any exposure to or are not generating enough revenues to be considered the target of a claim or lawsuit. The truth is that independent contractors risk expensive claims for accidents. Having general liability insurance…
How Much General Liability Insurance Do I Need?
While some have more than others, every business has exposure when it comes to general liability claims. How much general liability insurance a business needs will depend on its assets and revenues, operational risks, and contractual obligations. Every business is unique, so it’s important to discuss your general liability needs with an insurance expert. Do…
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…