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Business Owner Insurance: How to Deal with Unexpected Landmines

The pursuit of an optimized general liability business insurance policy has already consumed a vast swath of your day. You want smart answers to critical questions. In particular, you want to identify potential landmines and strategically diffuse them. Obviously, the nature, scope, and cost of your business owner insurance will depend on factors intimately tied to your company, such as the number of the employers you have, the kind of work you do, the liabilities associated with the products and services you produce, your location, and even your business credit score. This article can introduce you to surprising tricks and hidden resources to get rates under control and to shield your assets.

Business Owner Insurance Surprises
You seek to control losses and prevent bodily injury and property damage. But accidents happen. Employees do negligent and stupid things. Customers mishandle your products. And natural disasters can ruin your property. Once you make a big claim, your rates may shoot up, causing unexpected budget problems. On top of that, property owners, manufacturers, or other entities may ask or compel) you to add them as “additional uninsureds.” This can cause your premiums to go up — and if your insurer deems these people “risky,” they can go up quite a lot, indeed. If you underinsure, this can be a huge problem on its own: your assets will be exposed, and you could even face legal penalties. Lastly, lessors, lien holders, and clients may require you to produce a certificate of liability coverage. If you lack certification, you can lose good clients.

Solutions for General Liability Business Insurance Concerns
Know your coverage. Know what types of losses apply. Perhaps even more importantly, know what your coverage does not cover and what losses do not apply. Be sure that your business owner insurance satisfies any contractual obligations and addresses losses common to the type of work you do. Shave excess costs and tailor your policy. Discuss your concerns with a business owner insurance agent as well as your lawyer and/or industry peers.

Tailoring Your Policy
Consider packaging coverages into a unified business owner’s policy BOP) for significant savings. Sign up with a trade association or professional group to take advantage of group discounts. Consider a deductible. Usually, general liability business insurance does not come with a deductible — but you can request one. Keep in touch with your agent and insurance company. Your business owner insurance needs will undoubtedly change — perhaps radically — as the nature of your company evolves. This is not a “once and for all” decision you are making.

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