This monthly insurance advice is brought to you by Chris Howlett at The Ambassador Group: General liability coverage will protect the policy holder against claims made for bodily injury or property damage due to negligence. An example would be a customer slipping on a wet floor causing a broken arm. If it is proven that the business owner was aware of the wet floor but did nothing to remove the hazard, general liability insurance coverage would pay the potential medical and legal costs brought by the injured customer. Premiums are based on the potential exposure using industry standards. Restaurants for instance traditionally have much greater customer flow compared to an accountants office. Greater exposure leads to higher premiums.
For many businesses this insurance coverage will be included in their package insurance policy. A package insurance policy will include both property and general liability coverage. With businesses that fall outside of the package policy limits, business owners will need to purchase individual policies, both for their property coverage and general liability coverage. Those are then called monoline policies.
When receiving an insurance quote, it is critical to compare the details. General liability coverage for assault and battery limits, false or misleading advertising, libel, slander, and copyright infringement can be critical to a business.
No two businesses are alike. Therefore at Ambassador Group Insurance we like to meet with our clients to better understand their specific needs. Even though the industry is based on broad standards, knowing the exact coverage needs can make the difference in higher premiums or inadequate coverage. In addition as a broker we try to provide several coverage options. We do have some carriers that are hands down the best coverage option. Even those policies can be tailored to a specific businesses needs.