If you are planning to contact several insurance companies to get liability insurance quotes for your business, you must provide specific information to them. You will first need to decide what kind of liability coverage your business requires. They will need to know what sort of coverage you need and what kind of goods or services your business provides.
The service provider will ask if your company is commercial or industrial. If your company is considered a single or small business, you may be eligible for a commercial business owner’s policy with a wide range of coverage. If you are considered an industrial enterprise, coverage and risk are higher due to third party lawsuits, possible pollution of adjacent streams and rivers, and other public-at-large liabilities.
The company will also ask details of the annual income of the company from the sale of goods and provided services. They will want to know what the business’s earnings statement shows for the prior year and possibly even year-to-date. They may also want to know how your business is zoned.
You will be asked to provide details of claims and lawsuits brought against you in the past. The company will want to know the outcome of these claims and the amounts paid, if any. Claims paid in the past may mean higher premiums, but it is best to be honest.
The provider will also want you to be specific. This means you must be clear whether you are interested in product or public legal responsibility when making the application. Remember, the two are not the same since the first covers against damages caused by your products while the second one covers against damages suffered at the premises.
When calculating the premium, the provider also considers the human resources of your plant. Therefore, indicate the correct number of employees. Additionally, the number of partners and directories must be clearly stated. You should note that providing all these details might raise the quote particularly in case of prior claims. However, transparency is essential if you look for optimum coverage. It is the best approach to find the ideal liability insurance quotes.
Looking for liability insurance? Get the low down on what information is required for liability insurance quotes, where to find the best cover on the Internet and how rates are calculated on http://www.liabilityinsurancezone.com/liability-insurance-quotes.php