A facetious headline, but an important thought. (GL rates are super complicated, don’t get twisted up on the above example.)
First: Why does your business need General Liability Insurance? This.
GL limits should START at $1,000,000.00. Do you have $1,000,000.00 laying around? No?
But, if somebody does something to someone else, inside your business, YOU get sued. (Note the asking price for the lawsuit, $900,000. They’re hoping for a settlement, that the ins co will calculate that it’s cheaper to pay, than fight.)
Probability-wise, you won’t get sued by your own negligence. Ergo, you don’t see the need for insurance. But, you KNOW that other people suck, and do things to mess up your life, and your business.
You buy General Liability, for dollars per thousand, because of “them”.
If you give me $5…