Business Insurance

Purchasing general liability insurance is typically one of the first priorities for a new business, and for those who have been in business for any length of time, it is important to review your coverage systematically to ensure you are properly covered. With time your business will change so it is important to update your insurance to reflect those changes.

Whether you’re a start-up or large seasoned corporation, it's important to  have experienced and knowledgeable insurance professionals review your general liability insurance and business exposures. You may be surprised to find that your insurance has coverage gaps or even duplicate coverage. Foundation Insurance Services is prepared to review your operations and coverage to determine where improvements can be made and consult with you on the best course of action. 

Liability insurance covers a business against claims for bodily injury and property damage arising out of premise operations, products and completed operations, as well as, advertising and personal injury. So it is very important to make sure your liability policy is written properly to extend coverage to your operation.

In addition to coverage for the above, liability policies carry a "duty to defend". Meaning in most situations there need only be a potential for coverage under the policy and the insurance company has the duty to defend against such a claim. This is crucial as most small businesses do not have an attorney on retainer, but your insurance policy in effect is that retainer to defend against claims made for covered perils.

There are a few key factors to keep in mind when reviewing your general liability policy. Depending on the type of business, scope of operations, and location. Here are some things to consider: 

• What are your legal obligations? This could be due to a contract with a landlord, contractor, state entity, or something else. It is important to know if there is an obligation to another and what that obligation requires. Before you sign a contract it is recommended you have the "insuring clause" reviewed by our team.
• What type of risk does your specific industry hold? 
• Make coverage king, not price. We will always be sensitive to finding the best price, and know it is going to be an important factor in your decision making process, but focusing on properly covering your business should be your goal and is always ours. You work very hard and we want to make sure you don't lose everything in the event of a claim.
• Challenge your Deductible. We have found a great way to reduce costs without carving coverage is to increase deductibles.  As your business grows and becomes more profitable, can you put yourself in a position to accept more of the risk?  If the answer is "yes", then consider increasing deductibles to reduce costs.
• Overestimate your coverage needs. The rising cost of litigation can be financially devastating to a business. It can cost thousands of dollars even if a claim or lawsuit has been denied or dismissed.  It's always important to consider the "worse case scenario" when considering coverage limits.

General liability insurance can be purchased on its own or purchased as part of a "Package" or "BOP" (Business Owners Package) policy. Which option is available typically depends on the type and size of your business and the extent of your exposures. We will work with you and our carriers to determine the best option available.

As we review your business and possible exposures we will assess the need for liability risks outside the scope of the general liability policy.  Some other types of liability exposures include: Cyber Liability, Professional Liability or Errors and Omissions, Employment Practices Liability, Pollution Liability, and Fiduciary Liability.

Foundation Insurance Serves is ready to help you navigate the insurance needs of your company. Our goal is to establish and solidify a long lasting partnership with you.  We want to be there to cheer your business on to success and provide the foundation on which to rebuild in the unfortunate event of a loss.

For questions or additional information give us a call. (480) 999 -2088