Business Liability Insurance – I Came, I Saw, I Won!

Business Liability Insurance

No chance can be lost in business – if you have missed it, it will be found by your competitor. It is very hard to run business nowadays. Different events – social, economical and political – make the sphere of business too risky and hardworking. Knowledgeable businessmen can’t imagine modern professional life without an insurance policy. It is the guarantee, which helps to save not only money and peace of mind; very often it saves the life.

Workshops of small shop or big shopping centers are often exposed to fires. If the goods are insured, the owners of these shops must only call to their insurance agent. Otherwise, they have to come to the burning building to save the goods. In the first case everything will be covered and you can stay calm and wait for the coverage. It may take some time to claim for it, but you can be sure, that you will renew the work of the shop or shopping center and you will get the necessary amount of money on it. In the second case it is dangerous for your life and health, but you have to save your goods with your own hands, otherwise you will become a bankrupt.

It is only one special case, in business life there are plenty of similar cases in our everyday life. So getting cheap business liability insurance – or more expensive one – is not the question of luxury. It is the question of necessity. Sometimes business liability insurance cost prevents people from making such a reasonable, but costly step.

Business Liability Insurance Cost – Let’s Count Money Correctly!

If you think, that making monthly premiums for business liability insurance is too much for you and this service is supposed only for rich businessmen, you are not right. In fact every average clerk can get at least cheap business liability insurance to protect his business and personal activity. The problem is that this very businessman thinks, he doesn’t need the policy. He hopes that all the risks won’t touch him and his workers. Here’s some statistics to change your opinion.

Top list of main risks in business

  1. Business interruption still keeps the first place in the top list. Risks experts tell, that 46% of all insured events are connected with the loss that a businessman gets, when the process of production of new goods or services stops occasionally and can’t be renewed during a certain period of time.
  2. 30% of enterprises become bankrupts every year because of floods, fires and natural disasters.
  3. The third place (24%) is occupied by so called political and cyber risks. The new laws in your area of business and hacker attacks may ruin the business activity of a solid company very quickly and this kind of business risks becomes more and more important from year to year.

For sure, you branch of business – it doesn’t matter, if it is small, medium or large – can also meet these risks. To protect yourself, your employers and your company from loss and bankruptcy, it is better to get business liability insurance policy.

As for business liability insurance cost – it is as unique as your company. In general the liability insurance consists of two parts – the main part (when the most necessary risks are covered) and the bonus part (here the special kinds of danger, peculiar to your sphere of business is described).

To the main part belong such insured events as injury (of the worker or a customer), damage of business property and liability in front of the third parties. Any business activity meets these risks and it is necessary to get protection in these situations. As for bonuses, modern businessman usually gets cyber protection (when computer crimes take place), business interruption protection, error and omissions protection etc.

The cost of your liability insurance depends on the amount of insured events you choose (main and optional). In general expenses for the insurance policy are from $1,500 and more (up to $15,000 if the area of your business activity is really dangerous). To pay the minimal premium, you have to choose adequate business liability insurance quotes.

Business Liability Insurance Quotes – Getting Reasonable Estimates

Many people are ready to pay a lot for any business deal or purchase but they must be sure that the money they spent worth the quality of the service they get. If you become a victim of unprofessional insurance agent or fraud insurance company, you will pay a lot and get nothing as a result. To get reasonable estimate for your business (or reasonable insurance quotes) is the first step to success and financial victory. To do it, you have to apply for quotes online or to phone to an insurance agent. In the first case you will estimate the risks for your business by yourself (are you sure that you have high level of qualification in this area?). In the second case you have to invite a specialist. It is better to choose independent insurance agent, with high level of professional experience and certificate. He will ask you a number of simple questions about your business and offer the reasonable quotes in your situation.

After that you will sign the deal and make monthly payments. You can forget about your insurance agent for long, till the insured event will happen and you will apply for coverage.

How to Behave to Get Business Liability Insurance Coverage?

It is not so easy to get business liability insurance coverage. The representatives of the insurance company will investigate the occasion to prove that it was really the case of annoying accident, not the act of someone’s evil will or deception. You need to know how to behave to get the coverage. Here are the tips for you.

  1. If the insured event has occurred, the first thing you have to do is to call to your insurance company. You have to tell about the accident that has happened and claim for the coverage.
  2. Your conversation with the representative of the insurance company has to be short and free of details. The more you say, the more opportunities you will give to your company to avoid the payments.
  3. Don’t give any estimates or explanations to the agent. It is not your task to investigate the situation. You have just to report about it.
  4. Get the registration number of the insured event.

After your calling to the insurance company, you can do nothing, just wait. The agents will come and examine the situation. Later they will tell you, if you get the coverage or not, if it is a full coverage or just a part of it.

As you see, Caesar’s words “I come, I saw, I won” are not always appropriate, if we speak about business liability insurance and getting the coverage. But it goes without saying that it is impossible to develop your business and not to be insured. So get your policy and go ahead – to win!