General liability insurance is the protection that you have in the event that you or your business is responsible for causing damage to a person or to property. This can happen in a number of different ways. One of the most common is a road accident. Let’s say one of your company trucks has an accident and damages another vehicle or injures a person. If they file a lawsuit against you, that’s covered under your general liability insurance.
One more example, if you manufacture a product and someone who consumes it gets injured or sick. If your users bring in a class-action lawsuit against you, then that also falls under your general liability insurance.
So we see that general liability insurance covers a variety of scenarios and is extremely important in order to protect your business.
When you purchase general liability insurance, you need to choose two types of limits. One is defined as ‘per occurrence’ and the other as ‘aggregate’. Per occurrence is the amount of cover you have for any one liability. Aggregate is the total amount of cover you have, in case you are faced with multiple liabilities.
How much of each type of limit you need is often specified by your landlords and customers. Most landlords will insist that you have a certain amount of general liability insurance cover before they rent their property to you. If you are doing business with large corporations, they will also insist on you having a certain amount of general liability insurance. Small businesses that don’t have significant assets often need this kind of insurance in order to satisfy those who plan to do business with them. Standard practice is to share a copy of a document that’s called the ACORD certificate of insurance or COI. This provides a summary of essential information about your insurance policy, including coverage types, policy numbers, limits, and dates.
You can also expect your general liability insurance needs to increase as your business grows. When you are purchasing general liability insurance, the insurance provider will ask for certain specifics about your business. They will want to know whether you use any equipment, ladders, or any hazardous chemicals, as the risks change depending on whether these are employed in the course of your work. Your premium will change depending on whether your work involves any such risks or not.
When it comes to filing a general liability insurance claim, you will find it very helpful to have a qualified Public Adjuster on your side. A Public Adjuster is licensed to represent you in the insurance settlement process. Your adjuster will study your policy, facilitate the filing, and negotiate on your behalf with the insurance company. Although the company may put you in touch with an adjuster, that individual is hired by the company and is seeking to give you the least possible settlement. The work of Experienced Public Adjusters is totally different, as we work in your best interest. We receive a portion of your settlement as our fees, so we are focused on getting you the best amount possible.
To file a general liability claim, reach out to Experienced Public Adjusters.