There are a number of commercial insurance products available for small businesses, which can make it difficult to know exactly which types you should choose for your company. One coverage option you definitely shouldn’t go without is liability. This kind of protection can be purchased in either a business owner’s policy or general liability policy. Before you select the one that’s right for your operation, you must become familiar with their differences. The professionals at James C. Whitley Insurance Agency have helped numerous companies in High Point, NC, meet all their coverage needs over the 39 years they have been in business.
Below, they go over how the two liability policies differ from one another:
- Coverage: While general liability and business owner’s policies both offer protection from liability claims and lawsuits, the latter option is actually a bundle of policies put together in one package. This means when you buy a business owner’s policy, you will get property and business interruptions insurance in addition to liability coverage.
- Price: Another major distinction between the different commercial insurance choices is price. A business owner’s policy will allow you to get multiple types of coverage for a lower rate than you would pay if you bought them all separately. If you buy a standalone general liability policy, your premium will increase every time you add coverage.
- Qualifications: The last significant dissimilarity is most businesses will have no problem qualifying for general liability, while applicants for a business owner’s policy must meet certain requirements. It’s typically only available to small companies and some mid-sized organizations, and they must work in low-risk industries.
Once you have a clear understanding of the variations in a business owner’s policy and general liability coverage, you can make an informed decision on which commercial insurance option will best protect your company. Contact James C. Whitley Insurance Agency at (336) 841-5300 to inquire about an insurance quote, or visit them online for additional information on their services. You can also stop by one of their two offices at 2610 N Main St., High Point, NC, 27265 or 120 W Lexington Av. Suite 101, High Point, NC, 27262 to discuss your needs with an agent.