CGL insurance is one of the most popular and important types of liability insurance. But should every business owner have it? More specifically, should you buy CGL insurance as well?
This question is more prevalent in cases of small businesses. "My business is very small… Do I still need to buy CGL insurance?" The answer is yes. Yes, you should ideally buy commercial general liability insurance. In fact, small businesses should have this coverage as a priority since they are financially limited and a liability claim can put a big burden on them. They need the protection of insurance against legal liabilities to stay financially stable in case someone sues them. So, no matter the type of business you own, the industry you're in and the size of your business, CGL insurance is a must. What will vary, however, for your business, is its coverage requirements. Different businesses are exposed to different types of risks; they have their own risk exposures. This influences their coverage requirement. So, before actually buying the CGL insurance, it's important to determine the coverage requirement, which is based on risk exposures, as well as several other factors. Once you know what kind of coverage you need, time to find an insurance company that offers a fitting plan. At times, a standard CGL plan might not be sufficient for you. So, you may want to customize the existing plan per your distinct requirements. This whole process of first quantifying your needs and then finding a good insurance plan from a top carrier can be challenging and time-consuming. Many companies choose to work with insurance brokers here -- and you should follow suit. An insurance broker can guide you throughout the process, helping with risk assessment and evaluation and thereon finding you a good CGL plan. They can offer comparative quotations, allowing you to choose from different options that best fit your needs and budget. So, get in touch with a licensed insurance broker and seek their help in buying a commercial general liability insurance policy.
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Of course, the type of business insurance policies you should buy depends on the kind of business you have. Every business, after all, has its own unique needs and requirements.
But that said, there are a few types of insurance policies that you should have anyway to ensure maximum protection and prosperity to your business. In that context, here are three business insurance every small and medium-size business should ideally have:
These are four must-have insurance policies every SME should ideally have. Indeed, there are many other types that you should explore as well. As mentioned earlier, different businesses have different needs. Depending on your need, you may need to buy other types of insurance as well. The first step is determining your risks and then figuring out what insurance is the right fit for you. Thereon, explore different plans from reputed insurers and pick one that suits your requirement and budget. Consider getting help from a licensed insurance broker. They can help you with this process, assisting you in making the right decision and even customizing your insurance plan per your needs. Insurance companies are running a business themselves. They work for profit. They do several things – within the ethical purview – to maximize that profit. In that, consumers are often left confused and ill-informed which leads them to make a decision that is more financially beneficial for the insurer and not necessarily the one insured. This is exactly why teaming up with insurance broker is always recommended. They are experts in the subject with extensive experience.
Unlike insurance agents, brokers don’t work for any particular company. So, these brokers in a way represent and advocate for the to-be-insured in front of the insurance companies; they ensure their clients’ needs are met and that they are getting the most out of this deal. Moreover, filing for a claim is not always the smoothest experience. Having an expert by your side who understands the process of filing a claim inside-out makes things much simpler and quicker for you. Continuing with the earlier point, as a profit-making entity, there are many things business insurance companies won’t tell you. It is on to you to unearth the details and insights – and ask the right questions – to find out which policy is the right fit for you, what kind of coverage do you require, what are the terms and conditions of the policy, and so forth. Here are a few things business insurance companies might not tell you:
It is your responsibility to do your homeowner and be adeptly informed before making any decision. Irrespective of the kind of policy you choose, it comes with a cost. So, you want to take your time in the decision-making. Moreover, since it matters the well-being of your company against lawsuits, it calls in for more caution. Preferably, contact the right insurance broker and seek end-to-end help. |
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