How to Obtain a User Friendly General Liability Insurance Quote

General liability insurance cost is complex and difficult for the average consumer to understand. There are a few tricks of the trade that you can use in your insurance buying process that can force the parties that you are dealing with to present all this documentation in a format that is useful for you as the consumer. Below we have outlined a few of those tips.

Executive summary. In your request for proposal either online or face-to-face with a broker, you should insist on a one page executive summary. It is fine for them to provide you with pages of detailed information later on in the proposal, but the first page should be an executive summary that clearly delineates everything that is in the detailed pages that follow. Some of the key items in the executive summary that need to be spelled out is the name and financial rating of the insurance carrier, the main coverages that are being provided, and any exclusions and/or deductibles that are included in the fine print.

Premiums/rates. Also in your executive summary you need to make sure that it is clearly explained what the annual premiums are estimated to be. The individual rates that go into developing the premium need to be clearly stated, as well as what premium basis was used in developing the final premiums. Some unscrupulous brokers will use the incorrect premium basis at the beginning of the policy term and then at the end of the policy term you will be stuck with a large additional premium at audit time.

Payment options. Finally, making sure that your executive summary clearly outlines the payment options that are available to you. If there's interest that is charged, or billing fees that are added on, this all needs to be clearly explained. If the premium is nonrefundable and fully earned that also needs to be explained in case you wanted to cancel the policy midterm.

Insisting on a simple one page executive summary will force your providers to articulate clearly and concisely what they are quoting and thus it will be more user-friendly for you to understand.

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