Forms, forms, forms… as a small-business owner you're used to sorting through the paperwork, but that doesn't mean you have to like it. To make matters easier for you, we've written this guide to the paperwork and General Liability Insurance forms you need to be familiar with.
The good news is that there actually aren't many pieces of paper you'll need to keep track of. Hooray! And because many are online, you won't have to worry about losing track of documentation. The main forms you'll need to know are:
- The General Liability Insurance application.
- The insurance quote sheet.
- The insurance policy.
- The Certificate of Liability Insurance.
In addition, there might be a few pieces of paper you'll need when you apply for insurance. These are:
- Revenue sheets.
- Business leases.
Let's go over these forms and how you might have to use them.
Important General Liability Insurance Documents
Between applying for insurance and meeting your General Liability Insurance requirements, you'll deal with the following forms and paperwork:
- General Liability Insurance application. Naturally, insurance applications are all digital nowadays. When you apply for insurance, you can do it over the phone or on a website. You'll have to give some background on your company, how long you've been in business, and your insurance history.
- Insurance quotes. Quotes estimate how much your insurance will cost you in annual premiums (i.e., the amount you pay each year to be insured) and how much total coverage the insurance company will give you (i.e., the amount it'll pay for lawsuits and other covered expenses). A quote also summarizes what General Liability Insurance coverage you're getting (for bodily injury lawsuits, property damage suits, etc.) and any extras or "riders" you're adding to the policy.
- Insurance policies. An insurance policy is a 50- to100-page document that defines what your insurance company will pay for. Your policy sets the coverage limits, your deductible, premium, and other insurance details.
- Certificate of Liability Insurance. An insurance certificate is your proof of insurance. Just like the slip of paper you keep in your car to show you have Auto Insurance, this Certificate of Liability Insurance contains a summary of the important details about your policy. You'll have to show your certificate to clients and landlords who want to check that you're covered or need to file a copy of your certificate with their own insurance providers.
- Revenue sheets. When you apply for General Liability Insurance, you'll have to estimate how much money your business will make this year. For your own reference, you might need to look over revenue sheets and other financials to get an accurate estimate.
- Business leases. Landlords often require their commercial tenants to have General Liability Insurance. Check your lease to make sure you're meeting your legal requirements for General Liability Insurance.
Once you've gathered all this information, you can apply online for General Liability Insurance. The process takes five to ten minutes. Afterward, you'll receive free, no-strings-attached General Liability Insurance quotes via email.