How to lower your business insurance premiums

Almost every small business owner should carry a general liability policy to protect against
liabilities. From time to time, accidents due occur or someone will try to sue you for something. In order to protect
the small business owner against claims, a liability policy is a necessity. To purchase such a policy, you must
go through an insurance agent.

1. The agency will inquire into the type of business you own to determine the type of insurance
protection that is needed. Once this is determined, the premium is calculated.

2. Once the type of policy has been establish, the agency will sell the policy to the small business
owner. The policy is a contract, so it is important that you understand the terms and conditions of the policy.
Have the agent go through the policy with you so the terms and conditions are fully understood.

4. The most common small business policy is Commercial General Liability (CGL). This type of
policy protects the owner against accidents that occur on the owner’s property or leased premise.

5. It can also protect a small business owner against liabilities as a result of a product the
business sells, which results in bodily injury or property damage. For example, if a customer were to slip and
fall due to a water spill, the small business owner would have protection against a claim that the injured party
may pursue through the CGL policy.

6. If the business is a restaurant and a customer bites into a foreign object, the owner is protected
by the CGL policy under the products liability section of the policy.

7. The policy protects the owner against accidents sustained by a third party, which is what
a claimant is considered. If a small business owner elects not to purchase a liability policy, he could be held
personally liable to the injured party.

8. Depending on the injury, this can be a detriment to the small business owner and can cause
the failure of the business. The business owner would be forced to compensate the injured party for any injuries
sustained or property damage. The amount paid to the claimant is dependent on the severity of the injury or the
amount of property damage.

9. It is highly recommended that every small business owner purchase a general liability policy
to protect their assets when an accident occurs.

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