Insurance comes with a myriad of benefits in terms of protecting you from losses arising from certain risks. In Centennial, CO, if you are starting a business or own one, getting a commercial liability insurance, also known as general liability insurance or commercial general liability insurance is a wise investment. This type of insurance will protect your business assets as well as pay for a range of liabilities.
Here are some key facts about this insurance that you should know about.
Need For A Commercial Liability Insurance
It is not mandatory for you to obtain a commercial liability insurance for your business in Centennial, CO. However, even if you believe you are unlikely to face any claims, the litigious environment in which businesses operate make it necessary to obtain this insurance.
Purchasing The Commercial Liability Insurance
The typical way to obtain your commercial liability insurance in Centennial, CO is to purchase it on its own. However, you can also have it included as part of your business owner’s policy. This combines both property insurance and the commercial liability insurance into a single policy. However, it is important to find out the limit of the commercial liability coverage in the business owner’s policy. With the two insurance covers bundled together, the limit for the liability insurance may be quite low, which means you will have to consider additional coverage through a different policy.
Assessment Of Coverage Needs And Premium Costs
Your type of business will determine how much cover you need it terms of its associated risks. Your insurance premiums will also be based on factors such as the type of products or services you provide and the history of your claims.
For more information on commercial liability insurance in Centennial, CO, visit Compass Insurance.