How much is business insurance worth? This is a question that is asked frequently by many business owners, but very few are able to answer in an accurate manner. The price of insurance does indeed depend on a variety of factors, but the main thing to keep in mind is that the true value of coverage lies somewhere between two and six thousand dollars per occurrence.
Many consultants will recommend that the average business owner to purchase general liability insurance. This type of coverage will protect both the business owner and anyone else that may be injured on the business property. The only drawback with this type of general liability insurance is that it will not cover a worker's compensation claim. In order for this to be covered, either the general liability insurance must be purchased separately from workers' compensation or the business owner must buy it as part of a package for commercial property insurance.
Another factor that should be considered when comparing prices on general liability and workers' compensation is the amount of business assets used in the conduct of operations. Some consultants will recommend purchasing more general liability limits as opposed to those limits that are recommended by professional liability consultants. However, there is a way for a business owner to make the comparisons fairly easy. By using a business broker to compare the different prices offered by various insurance companies. A good insurance broker will know exactly which companies offer the best combination of coverage and will be able to provide all of this information in one easy to read package.
Most consultants will recommend that their clients obtain more than just general liability insurance. Business owners that have employees or that engage in other types of commercial activities may also need to purchase professional liability insurance. The amount of this type of insurance differs greatly depending upon the state that the business resides in. Each state has established their own limits on the amount that can be collected in a law suit. It is important for business owners to obtain more than just the state's minimum limits because they may be able to collect much more if they are sued in a state that has higher professional liability limits. Because there are such a wide range of business liability limits, it is imperative that individuals who are considering the purchase of professional liability insurance to consult with an insurance expert.
Another thing that should be compared when deciding how much is business insurance is the extent of coverage that is required. Some businesses may only require general liability insurance while others may need to shell out for professional indemnity insurance. Business owners should take into account any equipment or property that may be used in a particular state. Some states do not require anything beyond general liability insurance, but their laws are much more strict about collecting the premiums from employers.
As previously mentioned, specialists can help a client make the comparisons between their quotes from umbrella companies and other liability insurance companies. Many consultants choose to work with umbrella insurance companies because they allow their clients to get many estimates at once. They may also offer their clients special deals on their umbrella policy.
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