Business insurance premium
11-16-2007, 07:07 PM
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Business insurance premium What do business insurance premiums look like? Say, something very basic needed like property protection against fire, theft, etc., at a single location.
11-16-2007, 10:57 PM
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You are going to be looking at GL, fire, and and umbrella. 2 million GL and 1 million umbrella with a fire policy probably agreed to in your lease agreement.
I hold 2/1/1 GL, UM, Auto.
I hold 2/1/1 GL, UM, Auto.
11-16-2007, 11:09 PM
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Wow. I'm just now learning about this stuff. What's GL and umbrella? Also, what would those premiums look like each month for that kind of coverage?
11-16-2007, 11:23 PM
#6
GL= General Liability; it's going to cover the business for 3rd party claims. For example, if someone breaks a leg while dancing and sues, the gl will respond. An umbrella provides coverage above the underlying limits you buy. With the broken leg example, say your GL limit is $1,000,000 per occurance and the lawsuit is for $1.5M, the GL pays the first million and the umbrella picks up the other $500K.
Your best bet is to contact an independent agent in your area, tell him about the business, fill out the applications, and let him shop the markets.
Your best bet is to contact an independent agent in your area, tell him about the business, fill out the applications, and let him shop the markets.
11-16-2007, 11:25 PM
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GL= General Liability; it's going to cover the business for 3rd party claims. For example, if someone breaks a leg while dancing and sues, the gl will respond. An umbrella provides coverage above the underlying limits you buy. With the broken leg example, say your GL limit is $1,000,000 per occurance and the lawsuit is for $1.5M, the GL pays the first million and the umbrella picks up the other $500K.
Your best bet is to contact an independent agent in your area, tell him about the business, fill out the applications, and let him shop the markets.
Your best bet is to contact an independent agent in your area, tell him about the business, fill out the applications, and let him shop the markets.