Commercial General Liability Insurance for multiple bureau locations?
Do I need seperate Commercial General liability policies for each individual organization location or is one policy sufficient?
Answers:
One policy should cover adjectives, of course depending on the locations.
You may be able to include the locations on the policy. Here is a directory of commercial agents - http://www.insuremywork.com I would ask one of them.
As long as the multiple office locations are of the same quality (and a lot of times, even if they aren't), then one policy will do fine, and will a short time ago include all the locations.
That is, as long as all the office are owned by the same entity.
HOWEVER, there is one core drawback to this - a general liability policy has an "occurrence" define - the most the policy will pay for one claim, and an "aggregate" limit - the most the policy will payment during one year. So, if you have 6 offices, and two respectively have a million dollar claim, and you have a $2,000,000 aggregate on the policy, consequently guess what? You're out of coverage for the policy, for ALL locations, for the rest of the year.
There are several ways around that. 1. you could buy a commercial umbrella policy, to increase the total claim payout limit. 2. You could increase the aggregate limit - the superlative agg limit I've seen within recent years is $3,000,000, but $2,000,000 is standard. 3. You could add an endorsement, if the company will allow it - the "per location aggregate limit" help - which effectivey says, the aggregate limit applies to EACH planned location, NOT the policy as a whole. But this endorsement is harder and harder to take these days, as, say, if you own 6 locations, the maximum policy payout would now be $12,000,000.
You'll have to discuss your option with your agent. Source(s): agent, 20+ years
I think you enjoy to have Source(s): http://www.freewebs.com/insurance-quotes/
Related Questions:
Answers:
One policy should cover adjectives, of course depending on the locations.
You may be able to include the locations on the policy. Here is a directory of commercial agents - http://www.insuremywork.com I would ask one of them.
As long as the multiple office locations are of the same quality (and a lot of times, even if they aren't), then one policy will do fine, and will a short time ago include all the locations.
That is, as long as all the office are owned by the same entity.
HOWEVER, there is one core drawback to this - a general liability policy has an "occurrence" define - the most the policy will pay for one claim, and an "aggregate" limit - the most the policy will payment during one year. So, if you have 6 offices, and two respectively have a million dollar claim, and you have a $2,000,000 aggregate on the policy, consequently guess what? You're out of coverage for the policy, for ALL locations, for the rest of the year.
There are several ways around that. 1. you could buy a commercial umbrella policy, to increase the total claim payout limit. 2. You could increase the aggregate limit - the superlative agg limit I've seen within recent years is $3,000,000, but $2,000,000 is standard. 3. You could add an endorsement, if the company will allow it - the "per location aggregate limit" help - which effectivey says, the aggregate limit applies to EACH planned location, NOT the policy as a whole. But this endorsement is harder and harder to take these days, as, say, if you own 6 locations, the maximum policy payout would now be $12,000,000.
You'll have to discuss your option with your agent. Source(s): agent, 20+ years
I think you enjoy to have Source(s): http://www.freewebs.com/insurance-quotes/
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