Do you have the right Liability coverage to protect your business from risks and exposure?

Every business needs a general liability policy for protection in the event of injury to another person, business, or property. The injury could be a wintertime slip and fall (very common in New England!), your product could make someone sick, or property damage could happen when your employees work off site.

Your United Insurance agent will explain the factors to consider when evaluating General Liability insurance including:

1. Rating Basis – your premium is calculated using a rating basis, which could be one of many factors depending on your business. For example, a manufacturer would be rated on gross sales while a carpenter is rated on payroll.
2. Audit – the exposures used in the rating basis are auditable. This means the insurance carrier will do a true-up at the end of each policy year. If your exposures were higher than estimated, then you could owe additional premium. If the exposures are lower, then you might get some money back.
3. Contract Requirements – have you signed a contract with another party that requires you to name them as Additional Insured under your policy?

As your company changes, it’s important to keep your insurance agent up to date to ensure you have the right protection.