It is a given that all types of businesses need – at the very least – basic liability insurance. It is always wise to protect your company against this as much as possible. All industries today are vulnerable to lawsuits for one reason or another. Even if you do most of your work from home, there are still some risks you should be aware of, such as copyright infringement. Fortunately, there are tailor-made commercial insurance policies for small businesses, so you can find quotes tailored to your type of business and company size.
You should take the time to educate yourself about the four primary coverage types of general liability, commercial property, commercial auto, and workers’ compensation. If you don’t make deliveries or use your car for anything related to your business, you probably don’t need that coverage in your policy. If you have no employees, you don’t need workers’ compensation.
Even if you have a few employees, you may or may not have to have workers’ compensation, depending on your state’s laws and the amount of risk the workers pose. There is professional liability insurance for private individuals such as lawyers, accountants, consultants, estate agents, and so on. General liability and professional liability are not the same thing.
There are some risks that are excluded with small business commercial insurance, despite the fact that they can carry large losses. For example, floods and tornadoes require “specialized policies”. This is because the insurance companies do not like to have to pay out such a large sum of money to all companies damaged within a small geographic area.
Business insurance coverage for small businesses
Here are a few things against which commercial small business insurance will generally protect your business:
• If someone is injured in any way while on physical property associated with your business
• If a customer has damaged property by you or your employees
• If your products cause damage to someone or their property
• If you use a customer’s photo in your ads and they try to sue you for copyright
• If your company is named in a lawsuit for medical expenses and property damage
What about your OWN injuries? What happens to your company if something happens to you? These are also things to consider when adding specialized coverage to your policy.
Just use the internet to find the right thing business insurance for small businesses for you, starting with Hiscox Business Insurance. Check your insurance every year to make sure it still meets your needs.
Business insurance overview for small businesses:
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