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Every business has to buy a general liability insurance cover to protect the business from the exposure to various risks. A general liability insurance policy, pays the legal costs for any liability claim or lawsuit against the business. The liability claims include property damage, personal injury, bodily injury and advertising injury. The insurance company also covers compensations and general damages.
There are many types of industries operating in the present world like automotive, chemicals construction, energy, engineering, manufacturing, transportation etc. So, every industry has its own risks associated with it and the costs of insurance policy is different for every industry based on the exposure to risks. The prices of the policy also depends on the number of the employees and size of the business, location of the business and the amount of coverage required by the business.
Procedure for estimation of costs:
Commercial general liability (CGL) policies provide protection in cases of bodily injury, property damage or loss, personal injury and advertising injury. So, first step is to estimate the probability of risk exposure, that a business may face in that particular industry.
Get as many quotes as possible on commercial general liability insurance.
Read through the policy completely and see whether the premiums are suitable for the business.
See the mode of payment and policy duration and the credibility of the provider.
In case of the contractors it is important to get certificates of insurance from all subcontractors. If the subcontractors fail to show proof of insurance, then the amount paid by you to them may be added to your total payroll, thereby increasing your insurance costs.
Compare the quotes from all the service providers in the above said areas and buy a comprehensive general liability policy that gives best coverage with the low costs.