How much commercial general liability insurance in Newfoundland do I need?
That all depends. How much coverage your business may need depends on its risk factor, your budget, as well as a few other factors. Bullfrog Insurance offers a few levels of coverage to choose from:
- $2 million
- $3 million
- $4 million
- $5 million
This is essentially your “policy limit.” This is the maximum amount you can receive to reimburse you for claims in a policy term – usually a year – and may be spread throughout multiple claims. To determine your coverage needs, it is helpful to ask yourself these questions:
- What is the average cost of lawsuits in your industry?
- How often does your industry face lawsuits?
- Where is your business physically located?
- What can your business afford to pay for its premiums?
- Are you required to carry a base amount of commercial general liability per your contract terms
- What could cause injury during your business operations?
- How many employees does your business have?
Lawsuits can be expensive, even resulting from the smallest of incidents. It is recommended that you go above the base level of recommended coverage or work with a broker to determine your overall limits.