Did you know that the manufacturing industry accounts for a whopping 15% of annual workplace injuries and illnesses?
Whether you’re in the business of manufacturing or another type of industry, there’s always a chance that something can go wrong. It’s worth the peace of mind to know you’re protected.
Do you have insurance but are unsure if it’s enough? Keep reading to learn all about whether you need more general liability insurance or not.
What Is General Liability Insurance?
In simplest terms, general liability insurance protects a business against bodily injury claims, including employees, visitors, and others. It can also protect you in the event of property damage and personal injury. Depending on the provider, you may get even more benefits from your coverage.
Without this protection, you can end up being sued for thousands of dollars, if not more. This kind of insurance is often a legal requirement, so it’s important to know the rules and regulations in your specific area.
How to Determine the Right Amount of Coverage
When first shopping for it, you should get general liability insurance quotes from a variety of providers. However, it is important to look at more than just the price of the premiums.
Price differences won’t matter much if you’re not getting the same type of coverage. Always start by comparing the range and strength of the coverage before taking cost into consideration.
Fortunately, there are trained consultants who can be your general liability insurance guides.
Adjusting Your Insurance in the Future
When it comes to general liability insurance tips, you must remember to increase your coverage as your business grows. Simply put, the type of coverage a start-up needs is nowhere near suitable for a well-established small business. You should reassess your insurance needs at the beginning of every fiscal year.
If you end up changing your business’s corporate structure or bringing on larger clients, then these are also instances that require you to reconsider your insurance coverage.
While the general liability insurance premiums will rise, so will the amount of protection you get. If you avoid getting the right amount of insurance, you can end up paying a ton in lawsuits later on.
The same is true for when you get new vehicles that are going to be used by employees. Each of these vehicles should have the proper coverage.
Are You Ready to Increase Your General Liability Insurance?
Now that you’ve learned all about whether you need more general liability insurance or not, you can decide what amount of coverage is right for your needs. The last thing you would want to do is have an emergency and find out that you’re under-insured.
No matter the size of your business, we can provide you with coverage that suits your needs to the T. From general liability and workers comp to construction bonds and auto, we’ve got you covered.
Chances are you have some questions about our highly-rated services. Feel free to contact us so we can help you out.
Top Contractors Insurance Services is a full-service contractor insurance agency handling workers compensation, general liability, construction bonds, and auto quotes.