Commercial general liability insurance plays a crucial role in covering property or bodily damages-related claims. If you are interested to buy a commercial general liability insurance policy then you must know what steps you should follow.
The following steps will help you to buy Commercial General Liability Policy-
Define your requirements
As commercial general liability insurance policy plays an imperative role, it is essential to define the right coverage for yourself, i.e., how much coverage you should buy. To arrive at the sum insured, you can consider your contractual obligations. In order to decide the minimum level of cover which you should have. Further, make sure that your sum insured is sufficient enough to help you cover the third-party liability which can arise against you.
Choose the channel to buy insurance
Once you have decided how much coverage you want, the next is to choose the mode of buying the insurance. If you have decided from whom you want to buy commercial general liability insurance, you can directly approach that insurer. Some insurance companies allow you to buy the policy online as well. As every insurer has a toll-free number, you can call there and place your request for purchasing the insurance policy.
Considering the intricacies involved in the commercial insurance segment, you can purchase a CGL insurance policy from corporate insurance advisors like SecureNow as well. The advantage of approaching the insurance advisor is not just limited to technical knowledge. But they can also help in customizing the policy as per individual requirements.
Further, SecureNow can also help you in deciding the sum insured, if you haven’t done so.
As you can purchase insurance online as well, you would only need to enter basic details about your requirement. SecureNow would generate policy quotes for you which you can compare to find the right policy as per your requirements. The insurance quotes will be an estimate of how much total insurance coverage you are looking for and how much it will cost you. If you want to customize your policy with riders, you would have to pay extra, and your policy quote will reflect those prices as well.
Read More: What is a Commercial General Liability Insurance?
Corporate insurance advisors will not only help at the time of purchasing the insurance policy but also at the time of claim settlement. In case any claim arises, you would only need to inform the advisor who would inform the insurer and take care of other things.
Fill out the policy application form
Once you’ve reviewed your policy quotes, it’s time to complete your policy application form. Here, corporate insurance advisors can assist you in filling out the policy application form.
Sign and pay the premium
Your duly filled insurance form would be sent to the insurer for approval. And once it approves, you would have to pay the premium.
Case: Buy Commercial General Liability Policy
Since 2000, K.S Clothing is recognized as a leading name in the market. A few years ago, the company decided to buy a commercial general liability insurance policy. In order to get coverage against bodily injury and third-party damage. Instead of approaching the insurer directly, the company took the help of SecureNow, a leading corporate insurance advisor.
Here, K.S Clothing visited the official website of SecureNow and entered some basic details about its requirements. SecureNow has a team of experts who thoroughly reviewed the requirements of K.S Clothing, and generated policy quotes for the company. Here, the clothing company compared those policy quotes and selected one insurer.
Read More: Who is an Insured under Commercial General Liability Insurance?
As K.S Clothing wanted to customize its commercial general liability insurance policy to cover part-time workers as well, SecureNow helped in customizing the policy. Once K.S Clothing selected one insurer, SecureNow asked it to fill out the policy application form with complete details about its business operations.
K.S Clothing duly filled and submitted the policy application form with SecureNow who later submitted it to the insurer. Once the insurer accepts the policy application, K.S Clothing paid a premium, and the risk letter issuing within 48 hours.
About The Author
Rajesh Mehta
MBA Finance
Rajesh has become a distinguished expert in liability insurance with over 8 years of extensive experience in the insurance industry. As a dedicated writer for SecureNow, he crafts insightful and informative blogs and articles that help businesses and individuals understand the nuances of liability insurance, from policy details to industry trends. Throughout his career, Rajesh has developed a profound knowledge of various types of liability coverage, including professional, general, and product liability insurance. Their expertise enables them to break down complex topics into accessible content, making it easier for readers to make informed decisions about their insurance needs.
