By asking a few key questions about General Liability Insurance, you can reduce your total cost of risk and eliminate any nasty surprises at the end of the policy term. You see, the up-front General Liability premiums indicated on a quote are typically estimated premiums, not the final premium. The final premium is a function of the actual premium basis (gross sales, payroll, area, etc.) multiplied by a rate less applicable discounts and credits.

The actual premium basis is determined at the end of the policy year when an audit is typically conducted. If the estimated premium basis on the front end turns out to be less than the actual premium basis, then you will get an invoice for additional premium due.  Surprise!

This is just one of the situations that can end up costing you more than you bargained for. Find out what else you need to know by  checking out our General Liability Insurance Buyers Guide, or get in touch with us at General Liability Insurance Austin.

First off, understand that when we are talking about Practical Risk Management, we are not simply talking about insurance. Insurance is a piece of the puzzle, but if you’ve only focused on insurance you’re missing some critical elements. Elements that left unmanaged could leave you seriously unprotected.

Larger companies have dedicated Risk Managers that spend 365 days a year managing the risks that threaten their business. So does your company have less risk? Perhaps in the size of your exposure, but larger companies typically have the balance sheet to write a check to recover from a major loss. Do you?

Even businesses that have insurance in place are often times seriously unprotected. Insurance can be a good start (if it’s done right…), but there are safeguards you can put in place that won’t cost you a dime. Do you know what these are? In fact, in many cases you can actually spend less by implementing a more holistic risk program than you currently spend on insurance alone.

What’s the Solution?   A good first step is to download the  Practical Risk Toolkit.  This is a great resource that will provide you with a framework to help you manage your business risk.  You will also get a Practical Risk Assessment that will get you started with identifying and controlling these risks.

Over 8 percent of occupational fraud is caused by payroll fraud check this out 7 Steps to Preventing Payroll Fraud | NFIB. #aen #smallbiz

Restaurants are the most likely place for credit card theft!  Check this out: Pasta, Meatballs and Credit Card Theft – ABC News. #smallbiz #austin