Liability insurance is one of the most important types of coverage you can have as a business owner. Liability insurance protects your business against lawsuits filed by customers, employees and others.
Review your policy limits.
Policy limits are the maximum amount of money your general liability insurance policy will pay for any one claim. That’s why it’s important to review them and make sure they’re sufficient for your needs.
For example, if you have a $1 million in general liability coverage with a $100,000 deductible and an employee slips and falls on your property, they could sue you for $100,000 (the cost of their medical bills plus pain and suffering). If this were not covered by your policy because it exceeded its limit, then you would be personally responsible for paying out-of-pocket until the case was settled–and that could take months or years!
Consider adding an endorsement or floater to your policy.
An endorsement is a change to your general liability policy that extends coverage to include additional risks. For example, if you have an endorsement that covers equipment breakdowns, it would provide protection if something happened to your equipment during an event or while it was being transported.
A floater is similar to an endorsement but has broader coverage and can be added at any time during the year (not just when renewing). Floaters are also more expensive than endorsements because they provide broader protection for all types of risks rather than just one specific type like equipment breakdowns.
Request a rate review if your coverage costs are going up, but don't let the agent bully you into a higher premium.
If your general liability insurance premiums are going up, don't be afraid to ask for a rate review. Rates can increase for a variety of reasons, including changes in the business environment, new laws or regulations, or simply because the insurer has determined that there is more risk associated with your company than they previously thought. If you haven't changed anything about your business operations recently and are not sure why your premium is going up, ask!
If the agent tries to convince you that this is just how things work and there's nothing he or she can do about it--or if they try bullying tactics like saying "if we don't raise rates now then next year will cost even more"--then find another carrier who offers better service at lower prices (and who doesn't pressure their customers into buying unnecessary coverage).
There's no reason why you can't save money on general liability insurance if you know what to look for and negotiate with insurers effectively.
There's no reason why you can't save money on general liability insurance if you know what to look for and negotiate with insurers effectively.
In order to get a good quote, it's important that you are an informed consumer, who knows what kind of coverage he/she needs in order to be protected from potential lawsuits. For example, if your business operates out of a commercial office building, then there will be certain risks that are unique to this type of space (e.g., falling objects). It's important not only for your peace of mind but also because any claims made against those risks may void coverage under standard policies unless specific exclusions apply or additional coverage has been purchased by the insured party at an extra cost.
Additionally, many insurers offer discounts if certain conditions are met (e.g., purchasing multiple policies from them). So before signing up with any one company consult other providers first! And remember: persistence pays off! If one quote seems too high then keep searching until finding something more suitable within budget limits."
Conclusion
We hope that this guide has helped you understand how to save money on general liability insurance. As we've seen, there are plenty of ways to do so and it doesn't require much effort on your part. If you're looking for more ways to save money in other areas of your business then check out our other guides here at Business News Daily!