General Liability Insurance
Commercial General Liability protects your business against liability claims for bodily injury and property damage arising out of premises, operations, products, and completed operations; and advertising and personal injury liability.
- This includes not only your actions as the business owner but also the actions of your employees while working on your behalf.
One of the most important coverages that is often overlooked in general liability is the cost to defend you and your business is paid for by the policy. Even if you think the operations of your business are low risk, you can still find yourself in a position where you are being sued and have to hire an attorney to defend you.
What does General Liability Cost?
No two businesses are a like and no two exposures are a like. General liability insurance is priced based on the size of your organization and operations. Depending on your type of business, it is typically rated based off your payroll or gross receipts. That means a small carpentry operation with two employees is not going to pay the same as a large general contractor. Your cost for insurance is always going to be a percentage of either your payroll or gross receipts. Knowing this cost allows you to bid work and make informed business decisions. We like to educate our clients on their options and the costs associated with those options so they can make informed business decisions.
Call Reno Insurance today for a complete review of your existing coverage.
Tips for Avoiding Large Premium Audits:
Are you a business owner and want to avoid a large premium audit bill? If so, here is some information to help:
- If you’re having a better year than you anticipated and are experiencing increased sales or are hiring additional staff, let us know. We can adjust your payroll or sales estimates to better match your actual payroll or sales.
- Be sure to obtain certificates of insurance from your subcontractors and have copies on hand for the auditor to review.
- Keep in mind that those not on the payroll, but individuals paid on a 1099 basis or in cash, which do not have a certificate of insurance, will be picked up as employees.
- Understand that clerical employees must work in an area physically separated from the business operations. They will not be considered clerical if any work takes place in the operating area of the business.
Please check with our office to see if you should expect a premium audit and when it will be completed.