Accidents can happen to any commercial entity no matter how careful the company is are what steps they take to avoid mishaps. Since the possibilities exist for mishaps to occur in a business finding the appropriate insurance is of paramount importance.
One insurance type that is vital for any business is General Liability Insurance as it protects the business from damage and injuries that might occur as a result of running a business. This insurance is available as a standalone policy or can be purchased in a packaged plan such as one combined with workers compensation or auto coverage.
This type of coverage protects the company as well as its employees and covers bodily injury, property damaged, contractual liability, product completed operations, fire and a host of other mishaps that might occur in a business.
Having this commercial coverage type provides many benefits to the insured. The business does not have to spend extra time fighting every allegation that comes up because the insurer will do the investigation and resolve any legitimate and illegitimate cases. Additionally, the insurer will cover the court cost along with the associated legal fees as a result of the legal case.
When it comes to shopping for this policy, you have two options available. One option is the Occurrence Form, which provides coverage during the policy period and the filing date has no bearing on whether the claim will be covered. The other type of coverage is called Claims Made Form and is only enforceable during the coverage period and requires that the claimant file a written claim during this time.
Obtaining coverage for your business is not very difficult as the market has a vast array of companies that provide coverage. They all investigate the risk that the company will inherit in the event they write a policy. Hence, they will look at your claim history, the type of industry and the type business that you owned. As with any other type of insurance expect to have a deductible and other standard agreement.
Therefore, make sure that you exercise due diligence and choose your policy carefully. Consider the company offering the services as well and look for companies that have extensive experience, and one that has the knowledge experience in your particular industry.