How to Choose the Best General Liability Insurance for Your Small Business

​General liability insurance will protect your assets by handling financial obligations in case someone gets injured on your property or by your product or service. This type of insurance provides the same protection for an employee who gets hurt while working in your company or property. General liability insurance will also cover all legal defense costs. Here are the steps to take when choosing the best general liability insurance for your small business.

Choose a Trusted Insurance Broker
Choose a broker who makes you and your business his priority. The broker should help you find the right policies that match what your business needs. Choose an insurance policy that is both competitive and comprehensive. Always compare prices with insurance coverage among various types of insurance providers. 

Analyze the Risks of Your Business
Insurance underwriters have the job to determine how risky your business is before they issue your policy. They will review your application. You and your broker should understand all the risks involved in your business. If you agree to pay a deductible, the higher it is, the lower your premium will be. Remember that a higher deductible may still make you assume a higher financial risk.

Read the Entire Policy Before Signing It
Read the whole policy before agreeing to it so that you won’t have questions later on. It’s only by doing this that you can completely understand what your insurance covers and what it excludes. You may have chosen a reliable broker but make sure that your coverage is big enough to handle every possible damage. Also, ask questions and make sure that your broker points out in the policy where the exact answer is.

Know the Nature of a Business Owner’s Policy
Although you can buy a general liability insurance policy separately, you can also buy it in a package known as BOP, or business owner’s policy. A package of insurance policies will always cost less than when you buy every policy separately. However, make sure that you actually need all the components of the package. In other cases, if your business has additional risks that are unique to it, then you can always purchase extra coverage.

Review Your Insurance Coverage Every Year
Your business will expand and change through the years as you add more products or services to it. Your liabilities will also increase at the same time. In that case, always conduct a yearly review of your general liability insurance policy every year. In any case, you might need to purchase additional coverage.

Some Final Words
Having a business is not a matter of child’s play. It is serious. If you have a business, make sure that you have general liability insurance to handle all accidents within your company. Verbal negotiations won’t work unless you have this type of insurance. Get this insurance now before someone files a lawsuit against you.

At American Eagle Insurance, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (225) 667-7377 or Click Here to request a free quote.