subject: Purchasing General Liability Insurance [print this page] Purchasing General Liability Insurance
General liability insurance is a must-have for any business. Depending upon the state where your business is located, the amounts of coverage you need may vary. There are currently very popular products on the market called business insurance. These are sometimes sold as business owner's policies, abbreviated "BOP". These policies offer a package deal that sometimes comes at a lower price than purchasing each coverage individually. Unfortunately, these policies oftentimes have inadequate coverage for their holders. When an incident results in a liability suit, you do not want to find out that you aren't carrying enough insurance to secure your financial future.
Commercial insurance agents are experts in business liability insurance. General liability insurance is one of the most important parts of this type of coverage. Working with their clients, these agents help to craft coverage terms that ensure that you're in compliance with state standards and that you have enough coverage to handle any liability claims that are likely to come up. These policies are oftentimes better than BOP coverage, as the agent takes the time to make sure that each type of insurance is adequate in its terms of coverage and, just as importantly, that all of your bases are covered.
General liability insurance sometimes overlaps in coverage with other forms of insurance. In a BOP, this is not taken into account in some cases and it results in the client buying more insurance than they need. If you want to make sure you're paying for coverage you need but not being oversold on insurance that doesn't provide any extra protection that justifies the expense, talk to a commercial insurance agent. They understand how certain policies will overlap in their coverage and make sure that you only pay for what you're actually getting out of the policy.
If you're a multi-state business, be sure to tell your insurance agent. Different states have different requirements for general liability insurance. In some cases, you may need to carry more than the minimum required due to being located in a particularly litigious state or because that state has a lot of high-priced liability claims paid out to plaintiffs. A good insurance agent will take all of this into account and ensure that you're adequately covered in the event that something unexpected happens. They can also make sure that you're not sold a policy that provides inadequate coverage levels.
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