Finding cheap general liability insurance for a small business is an important step in protecting yourself against lawsuits. Comparing prices and coverage for general liability insurance can save you quite a bit of money while still insuring the assets and reputation of your organization.
What is General Liability Insurance?
General liability insurance is intended to safeguard any type of business from large financial losses if there is a personal injury claim or property damage lawsuit. Whether or not your company is guilty of any wrongdoing, the cost to hire lawyers and defend your business can be expensive. The cost of legal defense is one thing that liability insurance will pay for.
It doesnâ€™t matter what type of business you have, a general liability insurance policy can cover construction, counseling, medical, as well as insurance and real estate firms. Lawsuits against businesses occur all the time and for many reasons. Just some of the lawsuits that general liability insurance can protect you from include negligence, personal injury, and malpractice.
General Liability Insurance covers a wide variety of legal issues, including if someone is injured on your property or by a company vehicle, to property damage or harm caused by one of your employees to someone outside your organization.
If someone slips and falls in your store, or an employee knocks a hole in a clientâ€™s wall, the lawsuit for damages could bankrupt a company and run it out of business. General liability insurance will shield your business from lawsuits for damage, injury, or frivolous claims.
Getting the Best Price for General Liability Insurance
To find cheap general liability insurance it is important to do a little research to determine what policy limits and coverage details you need based on the type of business you have. Then when you shop for insurance you can compare the pricing from several companies for equivalent policies.
For instance, higher policy limits might be necessary for a medical professional than for someone in yard care. A contractor will need different coverage options than a dog groomer. So the first order of business in finding cheap general liability insurance is to establish exactly what you need, then get quotes.
General liability insurance typically covers almost any type of damage caused by you or your employees. While the coverage may be the same, the cost for the same insurance can vary quite a bit. One of the best places to find cheap general liability insurance is online. There are several services that allow business owners to multiple quotes by inputting the information once. These quotes will come from companies such as Nationwide, The Hartford, Allstate, as well as insurance agents based locally.
One such online general liability quote provider is NetQuote, The quotes are provided at no cost and without obligation.
Some of these online services will help you determine what type of coverage you should have and then quote the cheapest options. Typically a general liability insurance quote will include:
- Bodily or physical injury to an individual
- Damage to property
- Product liability
- Contractual liability as the business extends to an assortment of contracts for clients
General liability insurance can be extended to freelancers working for your organization, doctors who consult, and company directors or other officers of the company.
Next Steps for Getting Cheap General Liability Insurance
In order to get the best price and product for general liability insurance there are some general steps that you can take to insure you make the right choice for your business. These steps include:
- Check the Department of Insurance website for your state and get information on the top insurance carriers for general liability policies dealing with your industry. You can find the website by searching: State name Department of Insurance.
- Check out several online insurance brokers with an eye to those who provide quotes from the companies on the list generated from above. Check the about tab for the brokers and read about their general experience, the experience in your industry, and their education. Search the internet for reviews on the online broker.
- Reduce your list to five to seven insurance providers that you want quotes from. Use one or more online brokers to get a prices quote on the same policy limits and coverage for the insurance companies on your list. Using the internet will cut down on time and effort and give you a basis for comparing costs.
- Talk to vendors, customers, and other business owners and ask where they get their general liability insurance coverage. Make a few calls to local agents and get quotes on your short list of acceptable companies.
With the pricing stage of your research complete, pick out the top three prospects and verify that the coverage is the same for each price quote. Then research these companies for service levels, complaints, and reviews. This typically can be accomplished within a few minutes on the internet.
Now you are ready to choose the best provider for cheap general liability insurance.