If you are looking for a new liability insurance policy, or even if you already have insurance coverage, there may be times when you may need to ask yourself “Do I need short-term liability insurance?” There are a variety of reasons why you might need this type of insurance, and once you have established that you need it, there is the issue of price.
Each insurance company has a different scale or prices depending on a number of factors including length of the short-term disability insurance, the amount of the policy and what it covers.
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Short-Term Liability Insurance for Construction and Contractors
Before a client will give a construction company or contractors a new building project, they often stipulate in the contract that there be a minimum amount of liability insurance. Though a company might already have liability insurance, there may be cases where the client asks for additional insurance for the duration of the project.
Depending on how much additional business liability costs, it might be more cost effective to purchase short-term liability insurance.
In this situation, it is best to go shopping for a short-term insurance carrier who will cover you. When shopping, there are a few things to keep in mind:
Never Sign Up for the First Quote: Always shop around until you find a quote that is reasonable and covers everything you need.
Read The Fine Print: One short-term liability insurance carrier may be more expensive than another, but that doesn’t necessarily mean you should take the cheaper quote. The pricier quote may cover more things, which could save you money in the long run should you need to use the policy for any reason.
Ensure the Policy Will Cover any Liabilities which May Creep up Later: For example, a short-term policy taken out for 3 months during a construction job. Six months after completion, something falls apart. A good short-term disability policy will still cover the incident since it is directly related to the 3-month insured policy. Enter your ZIP code in our comparison tool now for FREE liability insurance quotes.
Special Events Short-Term Liability Insurance
Some insurance carriers allow short-term policies for special events. This can include things like weddings, reunions and more. There are minimums that must be met. For example, some insurers won’t give out special event insurance unless there are no more than 10,000 people attending the event. Read this for more detailed information on why you need special events short-term liability insurance.
Be sure to do a thorough search for coverage that will cover all your needs. For example, let’s say you are planning a retreat for a company that lasts three days. Check the fine print to make sure all three days are covered. Here are a few examples of what companies may pay for:
- Operations: coverage for events and all planning and pre-event planning
- Premises: The insurance should cover accidental death and dismemberment on the premises of the event that is being insured
- Deductibles: The deductible should be affordable or in some cases, zero. Generally the premium on this type of policy is high enough to have the deductible waived in case of an event that would lead to a claim on the policy.
Finding the Best Rate
Finding the best insurance rate is getting easier as technology gets better. This is because the Internet can be used as a great tool for comparing quotes from many different insurers.
There are websites that offer free quotes with just a few questions answered. These questions may include the following:
- State of residence: Policy prices can vary from state to state, so knowing where you live helps these websites get an accurate quote.
- ZIP Code: For a more specific quote, a ZIP code is used to make sure policies cover any local or municipal laws.
If at any point a website asks for more personal information such as address or social security information, navigate away and try another site. This may be an attempt to gain personally identifying information in an attempt to steal your identity. This can lead to many headaches including ruined credit. Always be careful!
Never give your credit card information. All websites that offer insurance quotes should do so for free. You should only have to pay if you are actually going to purchase your policy.
Once you have found a quote that covers everything you need at an affordable rate, you have some options. Most websites allow you to contact the insurance company directly through their website so that you get a fast answer and can buy the policy as soon as possible.
In some cases you may be able to book your short-term liability insurance online. Only do this if you are sure you have no questions about the policy and that it covers everything you want. If not, contact the policy provider and book after you have asked your questions. It is always better to be safe than sorry when buying short-term or any liability insurance.
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