How to Evaluate General Liability Insurance Needs
Every New York business needs General Liability Insurance to protect them from potential suits arising from bodily injury, property damage, or personal injury to third parties. In fact, in today’s litigious society most other businesses will not engage a company unless they can provide proof of liability insurance!
In most Package and BOP (Business Owners Policies) policies, General Liability Insurance is automatically included and most commonly for limits of $500,000 to $1,000,000. We recommend evaluating higher limits of protection since the costs to increase is usually not that much more expensive. We also recommend that Umbrella or Excess Liability coverage also be purchased to provide even higher limits of protection, above your general liability insurance coverage, which we discuss on their specific product page.
Most general liability insurance policies for contractors, manufacturers, retailers and distributors are based on an estimated exposure basis such as payroll, sales, or area which is then audited at the end of the policy term. Starting each policy year off with the best estimate of your exposures and adjusting them as necessary during the year is the best way to avoid audit headaches and large additional premiums on audit. Most audit premiums are due within 30 days from their bill date in full, so making sure you accurately state exposures through the year will avoid a big bill at the end of the year.
How Does General Liability Insurance Protect My Business?
Keep in mind that General Liability Insurance forms focus on protecting your business from liability arising from bodily injury, property damage and personal injury and usually does not include protection from suits arising from: pollution, employment related claims, contract litigation, professional liability, or wrongful acts committed by owners, directors and officers of the company…. among many other exclusions. Specific coverage is necessary for those exposures which we’ll discuss in other product pages. Careful consideration of your company or organization’s exposures is necessary to determine what additional coverage may be necessary to provide broad protections from third party lawsuits. From New York, our Risk Analysis process can help you determine your needs.
For more information regarding General Liability Insurance, feel free to contact us in New City, New York by calling 845-634-3606.
Serving New York Businesses with General Liability Insurance Needs
Since 1929, The Coyle Group has been serving businesses with general liability insurance in the Rockland County communities of: New City, Nanuet, Haverstraw, Pearl River, Stony Point, Suffern, West Nyack, Congers, Valley Cottage, Nyack, Orangeburg, Blauvelt, Palisades, and Chestnut Ridge; the Orange County communities of: Goshen, Pine Bush, Middletown, Newburgh, New Windsor; the Westchester County communities of: White Plains, Yonkers, New Rochelle, Bedford, Elmsford. And in New York City – Manhattan, Bronx, and Brooklyn.