Let’s talk about comparing your general liability insurance quotes. The two most common things people check are the limits and the price, and they say, “Well, if the limits are the same the price is different I’m just gonna chose the lowest.” But, I’m gonna give you three more items that you absolutely much check when you’re comparing your insurance quotes to really find out if you’re gonna get the coverage you’re looking for.
The first one is, the company’s financial stability and reputation. What good is having the best policy in the world if the company’s not gonna be around to pay the claim, or if the company has a reputation of not treating their customers well? So, you need to ask your agent what is the financial stability and reputation of the carrier that you’re working with. You can also check that out on your own at www.ambest.com. That’s a company that’s independent of any carrier and provides financial stability information.
The second thing you should check is the endorsements of the policy. I often have customers look at the limits and look at the price and says, “Cheaper is better.” Unfortunately, they didn’t look at the endorsement that the policies have. And endorsements can do all kinds of crazy things, like removing important coverages to your policy, like removing assault and battery coverage, or limiting coverage to specified products, or outright excluding things like products or anything that happens outside of your premises. Now, these may be things you want, but you wanna make sure that you know they’re there. So, you need to review the list of endorsement with your agent.
The third things you need to check is deductibles. Lots of customers will, again, compare the limits, compare the price and not realize that their deductibles are 1000, 500, or 2500. Deductibles are a normal part of the insurance process, but not knowing they’re there, not knowing what they are at the time of a loss can make that process so much harder. So, it’s important that that be one of the questions you ask your agent.
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