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General Liability insurance can protect you in case of accidental damages or those caused by burglary. In that case, various factors can affect the cost of your policy. Different businesses may need separate coverage. However, there are common factors that may affect the rate of your insurance. Factors that can Affect the Rates
Aside from the premiums that you are going to pay, there are also five more factors you must consider before settling on a general liability policy. You must know your business’ worth before insurance companies put a price on it. Most of the factors rely on your business, its location, its years in the industry, and the type. Some industries face higher risks than others, so you might need to pay a higher or lower premium than usual. In the same manner, your business location also matters because your headquarters might be located in a high-risk area. Your time in the industry also affects your premium. Lastly, you should also weigh whether it would be better for you to pay a higher deductible. Costly Claims If something unfortunate happens and you need to claim your insurance money for either repairs or a lawsuit, you must be aware up to how much you can claim. Some claims will also need more from your insurance provider than others. The more expensive applications include reputational harm, vehicle accidents, fire damage, product liability, and customer damage or injury. For reputational harm, most businesses can claim up to $50,000. This includes costs for libel, defaming products, privacy violations, and slander. Vehicle accidents will cost around $45,000 and covers employees who use their cars for business functions. How to Prevent Common Costs and Claims Most small businesses file for insurance claims once they experience reputational harm and burglary. Because of this, you must be careful not to run into these instances. Some of the things you can do are to thoroughly conduct background checks on everyone you employ so that possible burglary and theft can be prevented. You should also consider installing security devices in your building and outside. As for reputational harm, watch your words to make sure that you are not criticizing your customers or competitors. If you are hiring freelance graphic artists for your publicity materials, make sure to credit them appropriately to avoid copyright infringement. General liability insurance can help you in most situations and damages your business. However, you must also make it your job to protect your business from preventable incidents. 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.
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