MONDAY, SEPTEMBER 27, 2021
General liability insurance is a valuable form of coverage for any business. Put simply, such a policy can provide protection against the resulting expenses if your business is held responsible for injuring a third party or damaging their property.
Although general liability insurance is important to have, it can carry its own costs by way of premium expenses. Fortunately, there are steps your business can take to help reduce your coverage rates. Consider these best practices:
-
Invest in security. If you have the budget for it and you run a large facility — such as a shopping mall or factory — a full-time security staff can help bring your general liability rates down. In the case of smaller establishments, installing alarm systems and surveillance cameras on-site can also help lower your rates.
-
Conduct regular maintenance. Keep your commercial property in good condition to prevent potential liability exposures on-site. This may include following regular housekeeping measures—such as sweeping the floor, removing garbage and discarding of any clutter—as well as repairing any property damages as quickly as possible (e.g., loose floorboards, broken handrails or parking lot potholes). A dedicated property maintenance plan may help you reduce your general liability insurance premiums.
-
Be a stickler for safety. Make sure your commercial property is a safe environment for anyone who visits it. Provide your insurer with all the pertinent information on how you run your business safely. This will let them know that you're putting safety first, potentially lowering your rates in the process.
-
Get a contract lawyer. With solid contracts, you can greatly reduce your risk of being caught up in a liability case owing to your dealings with contractors, suppliers and clients. Paying a contract lawyer to help you draft up the documents is an added expense. Yet, it may help you save on your general liability insurance premiums.
For more information on general liability insurance, consult your trusted insurance agent.
No Comments
Post a Comment |
|
Required
|
|
Required (Not Displayed)
|
|
Required
|
All comments are moderated and stripped of HTML.
|
|
|
|
|
|
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only.
It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
in your state. By using this blog site you understand that there is no broker client relationship between
you and the blog and website publisher.
|