Every business wants to serve their customers and clients well, but at the same time we all have our eyes on our bottom line. Regardless of their industry, most business owners know it is very important to have adequate business liability insurance; however, the costs for this type of policy will rise along with its liability limits. How can a business owner know how much insurance coverage they require? What amount of coverage is adequate, and is it possible to have too much? Grillo & Associates, a leading insurance firm on Long Island, understands the need for policyholders to locate “cheap liability business insurance” and will gladly provide the guidance each requires. Here we offer a few pointers, so you’ll be better informed about your personal needs so you can opt for coverage that is ‘just right’ and not overpay for coverage you may not need.
The term, “cheap business liability insurance” is somewhat of a misnomer. Our professionals know that by “cheap”, business owners mean “affordable”. So, for the benefit of our customers and clients, in this posting we’ll use the term most often used by prospects during their initial consultation with our professionals. Regardless of what you call your policy, you can trust Grillo & Associates to assist your business, regardless of its size, to locate the business liability coverages your enterprise requires with an eye toward your budget as well as your business’ needs. To get started, every business will benefit from having general liability business insurance. For some, such as general contractors, heavy construction contractors, and specialty trade contractors, it is an imperative. That is because these businesses obtain work by bidding for contracts. While it is possible to win a bid without producing evidence of this coverage, the job cannot begin without providing an original certificate of general liability insurance.
In your quest to obtain “cheap liability business insurance”, professional contractors should turn to Grillo & Associates for assistance. We understand how vital this coverage is to protect your company against on the job accidents and injuries. Another reason to obtain this type of policy is to provide protection in the event that injury occurs to third parties due to exposure to a product your firm has manufactured. What exactly is covered under “cheap business liability insurance” ? These policies provide protection from medical expenses and defray the cost of defending lawsuits, including investigations and settlements. Additionally, the policy covers bonds and/or judgements required during an appeal procedure. Thanks to social media, the court of public opinion regardless of the veracity of its statements, and other online outlets, no company’s reputation is safe from harm. The good news is that this type of coverage also protects your business against accusations of defamation and copyright infringement.
How Much “Cheap Business Liability Insurance” Does Your Business Require?
For most businesses, the recommended coverage threshold is at least $1 million per occurrence, with a $2 million aggregate policy limit. In layman’s terms this means that the policy will pay up to $1 million to cover a single claim, with a $2 million limit for the lifetime of the policy, which typically is one year. Your general liability insurance premium will depend on the specific risks that your business faces, and the size of your company. This metric is determined by sales, payroll, and/or the number of full-time employees. As with most insurance coverages, commercial umbrellas and excess policies are also available.
In your search for “cheap liability business insurance” we recommend that you give our team a call. Bring us your questions, concerns, and budgetary requirements. We’ll be glad to tailor a policy that provides the protection you require at a price you can afford. Give us a call today!
