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  • Writer's pictureRolland & Associates

Tips for Buying the Right General Liability Insurance

You've put in everything to grow your business, but the business world is filled with uncertainties. A minor accident can put a dent in your bottom line and undo all the years of hard work. General liability insurance can protect your assets and financial stability. But how do you find the right general liability insurance? We give you the crucial tips in this article.

Understand your industry's risks

The foremost thing to do before buying a general liability policy is to understand your company's risk exposures, which vary from industry to industry. For example, the type and level of risks a retail store with high foot traffic faces differ from those of a consulting firm.

So, a mom-and-pop store's general liability coverage may be inadequate for your construction company. Identifying your industry's risks ensures you buy the coverage that provides the right liability protection.

Choose a coverage limit

Your general liability insurance policy has a maximum amount it will pay out in case of a covered loss. For that reason, it's essential to choose an appropriate coverage limit to avoid unexpected out-of-pocket costs. To determine a coverage limit that protects your financial stability, estimate the potential costs of the liability claims.

Identify coverage gaps

A general liability insurance policy typically includes property damage, physical injury, reputational harm and advertising injury, and medical bills,. However, every policy has a list of exclusions that the policy will not cover.

It's essential to know what is excluded and fill in the gaps if they are relevant to your business. For example, if you operate a fleet of vehicles, you may require commercial auto liability for damages caused by your vehicles.

Bundle your insurance coverages

While you can buy commercial insurance policies from different insurers, bundling your coverages can offer comprehensive protection and help you save money. Instead of a stand-alone general liability policy, you can opt for a business owners policy.

Also known as BOP, a business owners policy includes general liability, property damage, and business income. Depending on your business risks, you can add other coverage options, such as cyber liability and employment practices.

Work with a local insurance agent

We've saved the first step for the last! When you work with a trusted local independent insurance agent, you won't have to fill out multiple forms and go through the hassle of comparing quotes.

At Rolland Insurance Solutions, we have an established relationship with top insurance carriers and can provide you with multiple quotes. We'll take the time to understand your risks and budget so we can guide you in choosing the right policy for your needs. It doesn't end there. When it's time to make a claim, we'll walk you through the entire process. Request a quote today.



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