MONDAY, JANUARY 30, 2023
General liability insurance for a small business helps provide financial protection if a third-party claims damages due to bodily injury or property damage. This type of policy has limits, and your agent can help you decide how much coverage is appropriate to help cover the potential risks and liabilities your company faces.
Contact Andrews Insurance Agency in Pawtucket, Rhode Island, to learn more about general liability insurance for small businesses and get a quote.
How Do Insurers Set Premiums for General Liability Insurance?
Each insurance company sets premiums for general liability insurance using proprietary algorithms. In general, insurers consider the following:
- Your business size
- Your policy size
- Your company’s claims history
- Your industry
Getting multiple personalized quotes from reputable insurers from your agent is crucial. When you shop around for general liability insurance, you can get the best possible value for your insurance dollar.
How to Get General Liability Insurance
You might be able to purchase general liability insurance coverage in two ways, including:
- As a stand-alone insurance policy. General liability insurance is available to businesses of any size as a standalone policy and often has low premiums, considering the coverage it provides. No matter its size, your company may still be liable for damages if you accidentally harm someone during everyday business activities.
- As part of a business owner’s policy (BOP). This type of coverage typically includes three main policies. Commercial general liability insurance helps pay for third-party injuries and property damage. Commercial property insurance helps pay to repair or replace your company’s insured property after a covered event. Business interruption insurance helps provide financial assistance so you can continue to pay your company’s bills if it must close or relocate to allow for covered repairs.
BOPs provide three essential coverages at a discounted rate. However, this policy type isn’t a good fit for every small business. Insurers determine whether a company is eligible to purchase a BOP, so it’s essential to work closely with your agent to learn whether your business may benefit from purchasing a BOP.
Contact Us
The small business insurance experts at Andrews Insurance Agency help Rhode Island companies get the coverage they need at a great rate. Contact us today to get personalized quotes for general liability insurance coverage.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.
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