Accidents happen. No one intends for them to happen, but when they do its best you and your business are prepared and protected. General liability business insurance costs can be daunting, but with the right plan, your business can be protected from the inevitable.
Lack of Insurance
Small businesses are historically under insured. In a study conducted in the Insurance Journal , 75% of small businesses surveyed were underinsured with 30% of small businesses without any business insurance coverage at all. One of the biggest factors in this is cost and education. Small businesses are hit hard by economic and societal changes. As a result, paying for business insurance falls to the bottom of the priority list. With many companies not confident in their knowledge of what their money is going towards, it is hard to justify any additional cost.
Factors Affecting Cost
So what goes into determining the cost of a policy? One of the main factors is the type of policy your business is investing in. In general liability insurance, your policy covers you in the event of bodily injury, damage to others property, personal injury including slander or libel, and false or misleading advertising. Because the amount of coverage and details vary by policy, the cost is not a set price.
Along with the type of coverage you are seeking, the type of industry your business is in also affects general liability insurance costs. Factors such as the location and size of your business also impact the overall cost of the policy. With industry, location, and size, come varying degrees of inherent risk. If your small business has more risk due to these factors, the GL policy cost will reflect that.
Your general liability insurance policy will cater to the specific needs of your business. Coterie Insurance and our agents help to work with your business to determine your specific needs and get you a quote quickly. Learn more about general liability insurance policy and costs today!
