At handyman liability insurance, we ensure that your financial interests are protected from lawsuits with the appropriate insurance. Regardless of the type of business you own, if you work with customers or suppliers, you run the risk of someone getting injured or their property damaged and suing you and your company. If you are not adequately protected, a lawsuit could mean financial demise. However, you may not know exactly what to consider when getting insurance, which can make decision making difficult.
Here are five things to look for when comparing public liability insurance.
1. Public Liability vs. General Liability
Most business owners know that it is essential to get the correct public liability cover to safeguard your business. Liability insurance protects financial assets from lawsuits. However, they may not realize that general liability insurance does not protect them from a lawsuit if an injury or damage is the result of their negligence. General liability insurance covers accidents, mistakes, and mishaps. If you, as a business owner, do something wrong, whether intentional or unintentional, that leads to an injury or damaged property, you are liable, and your general liability insurance will not protect you. As a business owner, you also need public liability insurance, which will protect you from liability if the claim is negligence. Negligence can be as simple as not putting out a wet floor sign or not quickly repairing a damaged sidewalk.
2. The Plan Coverage
Before investing in an insurance plan, go over the policy carefully to understand what it covers and doesn’t cover. You need to know what the maximums are that they will pay out if a claim is made, and what you will be responsible for as the business owner. There may be additional riders that you need to consider based on the type of business you are running.
The premiums are your monthly costs for the insurance. While you need to make sure you have adequate coverage, you also need to make sure you can afford the monthly premiums. You can get public liability insurance comparison with iSelect to see a direct comparison between plans and premiums. With the help of iSelect, you can make sure you are getting the most coverage for your money. Comparing plans with iSelect will help you see where you can make adjustments in the plan to save money without jeopardizing your business.
Find out the process of filing a claim and what will happen for your business if you do. How does the insurance company handle lawsuits; getting an overview of their process will enable you to be prepared should anything happen. You also need to know if your premiums will go up and by how much if you need to make a claim. Will you lose your insurance if you make a claim? If the insurance company with the best prices is also a company that is likely to drop you as a client, if you need their services, they aren’t going to be right for you in the long-run.
5. Agent Access
Before signing a contract with an insurance company, investigate how access an agent will be for you. It can be highly frustrating as a business owner to have a question or concern and not be able to get ahold of anyone. How will you contact your agent? Are you given multiple contact options? Will you have a dedicated agent, or do you call a customer service line? While this may be a lesser concern compared to premiums and coverage, it is a valid concern and one you should ask about.