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Liability Insurance Quote

August 19th, 2009 by admin in Business Insurance, Liability Insurance

If you’re looking for a business liability insurance quote (or public liability insurance quote, or just a liability insurance quote– they’re all the same), there are several key pieces of information you’re going to need to get an accurate quote and good coverage.

Business liability insurance covers your business in the event you are found responsible for property damage, bodily injury, personal injury, or advertising injury such as libel or slander.  If the damage occurs on your property or one of your employees is found responsible for such damages, you’ll be covered.  You’ll be covered for the cost of the damages as well as the legal costs associated with the damages and any settlements you are required to pay.

So liability insurance is a big deal and acquiring such should be and will be a big deal as well.  You can start on the internet; various sites will present you with a general business liability questionnaire.  Once you fill it out, a computer will use your answers to give you a quote.  This quote will give you a general idea of the cost of liability insurance for your business, but you’re not done.

To really insure your business well, you need to work with an experienced liability insurance agent who can ask all the right questions and really evaluate your business’ liability needs.  You’ll be able to answer most of your agent’s questions off the top of your head, but to save time, be prepared with some specific information from your company such as

  • What you actually do.  The insurance company will want to know what you do to be able to rate the risk your company faces based on their experience with similar companies.
  • A list of all workers involved in your business.  You’ll need to be able to list their duties and categorize them  as director, principle, partner, or employee.
  • The  level of indemnity you need (1, 2, or 5 million).
  • The date you started trading or doing business.
  • How much experience you have in this particular trade.
  • Your  insurance and claims history.  Often you can get a discount if you can show a history of insurance without claims.  If you have had liability claims in the past, know the specifics:  the date of the claim, what happened, how it happened , the cost of the incident and any other related details.

Once you feel comfortable with the business liability quotes you have, check the ratings for the proposed insurance companies and make your selection based on the price, the coverage, and the strength of the company.

After that, inquire about other Professional Liability Insurance quotes you may need, such as Product liability, Errors and Omissions, and Director’s and Officer’s insurance. Each of these can protect you from some of the unintended consequences of doing business in today’s world.

More posts on this subject:

Contractors Liability Insurance

... For the contractor, the benefits of liability insurance for contractors are protection from lawsuits when something goes awry. It is important that the contractor carries adequate insurance to cover the types of things that might go wrong on a job. This can include product defects or failure... Read More

Business Contents Insurance

... Either way, business owners should check to see what their current policies cover and address any gaps. Coverage Amount The amount of the business contents coverage depends on the nature of the business. Some businesses depend on lots of expensive machinery to keep running. Othe... Read More

Automobile Liability Insurance

... It is important to mention that, unless a special insurance policy is involved, the car is what is insured, not the person. This means that, unless a policy explicitly states otherwise, which is rare, anyone can drive a car with liability insurance coverage and be covered if they get into a wr... Read More

Cheap Liability Insurance

... Is Cheap Public Liability Insurance Worthwhile? Having liability insurance is important if you are running a business. Even a one person operation can benefit from having liabilit... Read More

Commercial Liability Insurance

... Good commercial liability insurance will protect you from civil damages that would be devastating to your company. You cannot necessarily afford to save up enough cash to be able to handle these things. It is much better to think of this expense in terms of an easy insurance payment that wil... Read More

Related posts:

  1. Business Liability Insurance Quote
  2. Commercial General Liability Insurance
  3. Employer Liability Insurance
  4. Small Business Liability Insurance
  5. Liability Insurance for Small Business

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