Commercial Liability Insurance Quotes
Commercial Liability Insurance Quotes. Protecting your business is important for many reasons. General liability insurance provides you with a safeguard in the event that someone makes a liability claim for bodily injury, or you need to cover the costs of property damage.
With so many insurers on the market - more than $1.2 trillion worth of net premiums were written in the United States in 2015 alone, according to the Insurance Information Institute - it can be difficult to know where to start.
Here are some ideas how to find the best commercial liability insurance quotes.
What is the best way to get commercial liability insurance quotes? Find out to protect your business from lawsuits, get a fast quote and your certificate of insurance now.
Below are some answers to commonly asked commercial liability insurance insurance questions:
- What Are Commercial Liability Insurance Quotes?
- How Much Do Commercial Liability Insurance Quotes Cost?
- How Do You Use An Insurance Comparison Website?
- What Does Commercial Liability Insurance Cover & Pay For?
What Are Commercial Liability Insurance Quotes?
Commercial liability insurance quotes are estimates of the cost of insurance coverage that businesses can purchase to protect themselves against legal and financial liability in case of accidents, injury, property damage, or other events that may cause harm to others.
These quotes are typically provided by insurance companies and are based on a variety of factors, including the type of business, its size, the number of employees, the nature of its products and services, and the level of risk involved. The quotes typically include information about the coverage limits, deductibles, and any exclusions or limitations.
How Much Do Commercial Liability Insurance Quotes Cost?
The average price of a standard $1,000,000/$2,000,000 Commercial Liability Insurance Quote for small businesses ranges from $27 to $49 per month based on location, industry, payroll, sales and experience.
How Do You Use An Insurance Comparison Website?
Type in "commercial liability insurance" into Google and you'll receive hundreds of thousands of results.
There are hundreds of different insurers that offer this service, making your search for the best deals more like a headache.
You will also find insurance comparison websites. These sites typically sell your quote request to multiple insurance agents - so get ready for a wave of phone calls.
If you are willing to talk to multiple licensed brokers - this is one of the easiest ways to get quotes.
Use Third-Party Review Sites
Found a couple of insurers you are interested in? Head over to third-party review sites, where you'll find reviews from consumers who have used a particular type of commercial liability insurance quotes in the past.
This helps you decide on the best policy for you, and you can find out whether an insurer provides good customer service, flexible payment options, and a simple application process.
Talk to a Real Person
The internet can only give you so much information. If you really want to find the best quotes, contact a broker by phone and talk to a real person. An commercial insurance broker will tell you about the different options for your business, such as you how much your premiums will cost and the maximum amount you can claim per occurrence and aggregate.
Remember, ask plenty of questions before you commit to any service. If you're not sure about a particular policy, take some time and think about it for a while before making up your mind.
Get Enough Coverage
The commercial liability insurance quote you will be given will depend on the amount of coverage you need. Remember, you need a policy that covers your business properly. Not all insurance companies will give you the amount of coverage you need, however, and you might find that some events aren't even covered at all.
That's why it's important to read through the quote before you set up commercial liability insurance.
Review Your Current Policies
If you already have commercial liability insurance with a company, contact them and ask them whether you currently have the best deal. Your insurer might recommend another service that benefits your company better, especially if you are paying for things on your policy that you don't need.
Alternatively, you can contact the company where you hold other types of insurance and see whether they specialize in business liability insurance. Ask them to give you commercial liability insurance quote and see how they compare with other insurers on the market.
They might be able to offer you a reduce rate if you add a commercial liability policy to any existing insurance policies you currently hold with them.
Review Your Insurance on a Regular Basis
Just because you have the best deal right now, doesn't mean that things won't change. In order to get the best commercial general liability insurance deals, you'll want to review your policy once a year and compare it with other types of coverage on the market. You might find that another company is offering a very similar policy for a cheaper price, for example. Alternatively, you might want to upgrade your business insurance so you have more coverage if your the risks to your business have increased.
What Does Commercial Liability Insurance Cover & Pay For?
Below are some examples of commercial liability insurance claims and coverage:
1. Bodily Injury: If a customer slips and falls on your premises due to a wet floor, they could sue your business for their medical bills and lost wages. Commercial Liability Insurance would cover the cost of the lawsuit, including legal fees, court costs, and any settlements or judgments, up to the policy limits.
2. Property Damage: Suppose your business is a plumbing service, and one of your employees accidentally causes significant water damage to a client's property. The client could sue for the cost of the repairs. Commercial Liability Insurance would cover these costs, including the expense of hiring a defense lawyer and any money you're ordered to pay as a result of the lawsuit, subject to your policy limits.
3. Product Liability: If your business manufactures a product that ends up causing harm or injury to a consumer, your business could be held liable. For instance, if a toaster you manufacture overheats and causes a house fire, the homeowners could sue for the damages. Commercial Liability Insurance would cover the cost of the lawsuit, such as legal fees, and any settlements or judgments awarded.
4. Advertising Injury: If your marketing department unknowingly uses a copyrighted image in an ad campaign, the copyright owner could sue your company for infringement. Commercial Liability Insurance would cover the cost of the lawsuit, which could include the cost of legal defense and any settlements or judgments.
5. Reputational Harm: If your company is sued for defamation or slander, perhaps due to a negative comment made about a competitor on social media, Commercial Liability Insurance could help. It would cover the legal fees, court costs, and any settlements or judgments, subject to the policy's limits.
6. Data Breach: If your company's database is breached and customer information is stolen, those customers could sue your company for failing to protect their data. While Commercial Liability Insurance might not cover this by default, if you have a cyber liability endorsement or separate cyber insurance policy, it would cover the cost of the lawsuit, including legal fees and any settlements or judgments.
Commercial Liability Insurance Quotes - The Bottom Line
Searching for commercial liability insurance quotes doesn't have to be a headache. Use the internet to compare insurance, check out reviews, contact a broker directly, review your current plan, review your insurance on a regular basis and make sure you have enough coverage.
Additional Resources For Small Business Insurance
Protect your company and employees with the right commercial insurance policies. Read informative articles on small business insurance coverages - and how they can help shield your company from legal liabilities.
- Small Business
- Business General Liability
- Business Interruption
- Business Liability
- Business Owners Policy (BOP)
- Certificate of Insurance
- Commercial Auto
- Commercial Crime
- Commercial Package Policy
- Commercial Property
- Commercial Umbrella
- Comprehensive General Liability
- Cyber Liability
- Directors and Officers Liability
- Employment Practices Liability
- Event Cancellation
- Fiduciary Liability
- General Liability
- Home Based Business
- Independent Contractor
- Liability Insurance Certificate
- Liability Insurance
- Ocean Marine
- Professional Liability
- Specialty Directors And Officers Liability
- Specialty Errors And Omissions
- Specialty Excess
Businesses need commercial insurance to protect their assets, employees, and customers. It helps to cover the costs of potential accidents, lawsuits, and other unforeseen events that can result in financial loss.
For example, if a customer slips and falls on a wet floor in a store, the business could be held liable for their injuries. Commercial insurance can help cover the costs of medical bills and legal fees associated with the incident.
Additionally, businesses often have valuable equipment and inventory that need to be protected from theft or damage. Commercial insurance can provide coverage for these items in the event of a disaster, such as a fire or natural disaster.
Furthermore, businesses often have employees that can be injured on the job. Workers compensation insurance can provide coverage for medical bills and lost wages for injured employees.
Overall, commercial insurance is a necessary tool for businesses to protect their assets, employees, and customers. Without it, businesses could face significant financial loss in the event of an unexpected occurrence.