Claiming from your general liability insurance
Posted on September 11th, 2011
For business owners, you could not do without general liability insurance. Why so? The liability risks that businesses and companies face tend to be very high, as businesses deal with a lot of liabilities throughout their operation. Hence, to secure your business from these risks, you should get your business covered by a good general liability insurance policy. With it, you will be protected when there happens to be any claims or lawsuits made against you.
After understanding the purpose of having a general liability insurance policy, you also have to understand what will happen when there is a need to claim from your general liability insurance policy. When an event happens that may trigger a claim, such as an accident on your premises, or when a claim has been made against you, you will need to file a report with your insurance provider as soon as possible.
Once this is done, an adjuster will start investigating and defining the liability by making investigations, interviews, capturing photographs of the scene, and collecting statements from witnesses. After all these procedures are completed, and if the adjuster judges that there is liability on your business for the incident, a settlement will be negotiated with the other party. Following this, proceeds from this settlement will be deducted from your annual policy limits.
There is no saying how much the insurance will cover you. Both insurance claims and premiums depend greatly on a variety of factors. For instance, insurance premiums tend to be greatly influenced by the location of your company, your business nature, the space (square footage) occupied by your business, number of employees, the claim history of your company and so on. Whereas insurance claims depend on the value of your general liability insurance policy, the nature of the lawsuit, and many other factors.
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Tags: claims and premiums
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