General liability (GL) insurance is often the backbone or starting block of any business insurance plan. Without it, nothing stands between your clients and the costs incurred to their business when another business or individual files a claim of property damage, bodily injury, or associated medical costs.
Doing business without a GL policy is like jumping out of a plane without a parachute. Why allow good people to operate a business knowing they need to protect their company in everyway possible? Now, the trick is getting to get them coverage they need at a price they can afford. The competition is fierce and the less time invested in quotes and shopping around for the best offers, the better you can serve the marketplace.
This is where a General Liability Rating System comes into play. Program Administrations, MGAs and insurance carriers have the benefit of access to rating modules across all fifty states, allowing them to tailor programs with customized coverages to fit the niches they serve, making them more attractive and competitive in the marketplace.
GL insurance and what your clients can expect
A new business owner may need you to walk them through exactly what they are buying and what it covers. In simple terms, let them know that this policy covers a lot of basic needs, including:
- Bodily injury for when a client falls on their property and they are legally liable for the injury. They will be covered for the subsequent claim and related medical expenses up to their general liability policy’s limits of liability.
- Property damage and data loss resulting from accidents. For example, spilling a can of soda on a client’s server causing damage and loss of data.
- Personal injury involving claims of slander or libel. If someone visits the office of one of your clients and overhears an employee referring to them in a mean or unflattering way, or making false claims that soils his or her reputation, that person might easily decide to sue for slander.
These examples point out just how vital it is in this market to have GL coverage. A General Liability Rating System is just one way to make your job quicker and more efficient.