03rd June 2010

5 Important Things you require for a Public Liability Insurance Quote

As a business owner you will need some prior preparation if you are planning to look out for a Public Liability Insurance Quote.

As a business owner you will need some

prior preparation if you are planning to look out for a Public Liability

Insurance Quote. Most importantly keep in mind that this insurance policy is

also known as:

  • Liability Insurance
  • General Liability Insurance
  • Indemnity Insurance

All these policies mean the same thing, so

make sure that you don’t get confused. A business enterprise will always need

this policy to protect your business in the event there is an injury to a third

party or damage to property.

Before you plan to invest on an insurance

of this type, you will require 5 important features in order to qualify to obtain

a quote:

1) Occupation:

The type of occupations that you need to be covered

in your policy. You will need to provide detailed explanations on your type of

business and also specify similarities on the types of occupations you have in

your company. This is mainly because insurance companies are not familiar with

all the types of occupations that are found in the world.

2) Workers:

Be prepared with a complete list of your

employees/staff who work for your company. Categorise them into four different

sections – director, principal, partner or employee. Secondly you need to

record whether their work area is manual or clerical.

3) Trading: The inauguration date of your company.

4) Experience: The number of years of experience that the directors, principals,

partners of the company have with them.

5) Indemnity: The level of indemnity that you will need, for example, 1, 2, or 5

million. Majority of the businesses request for 1 million, however, this is

your choice.

When requesting for a Public Liability

Insurance Quote, the insurance company will have more questions for you other

than those mentioned above. To prove that you are an effective company owner

you should be able to offer spontaneous answers to these general questions.

Thus it will be good if you could go through or carry with you general business

information of the company and also any history of previous insurance policies

that your company may have had.

Insurance companies differ from each other,

thus no same questions can be expected from all of them. Thus to have a good

outcome is to prepare yourself in the best possible way before you sit around

the negotiating table.

Obviously you will receive a variety of

Public Liability Insurance Quotes; don’t think that the cheapest is the best.

Take your time to study the levels of coverage for the given quote, and select

the best option.

A key cover, which is not often found in

most policies, but can turn out to be very useful for a business enterprise is

a “legal helpline.”  It becomes very

useful in the event of a tricky claim when legal advice is needed. This cover

is mainly found only with leading insurance companies.

Also keep in mind that you should never be

in haste to agree or place your signature on any proposal, until you have

thoroughly read all the terms and conditions. If you do, you have made an

annual commitment. In case you want to withdraw, most insurance companies will

charge you a fee for early cancellation. 

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