No matter what kind of industry a company is in, there is always the possibility of being held liable for some incident – especially in this insane society. You never know what kind of claim your company will face, whether it be alleged negligence or misconduct. Depending on where you live, you are probably required to have at least basic commercial business liability insurance.
There are different levels of commercial general liability and you should learn the difference between incidental and claims-based policies. The former covers claims as long as the events related to the claim have occurred over a specified period of time. The latter provides coverage for a specified period EVEN IF the event occurred prior to the purchase of that coverage.
Some insurance companies offer business policies that cover specific types of obligations based on the industry. For example, if you’re a technical consultant and don’t own a lot of physical property, you’ll want electronic data protection as part of your policy. For some professionals and tech companies, electronic data is even more valuable than infrastructure or office furniture.
Free quotes and advice are available to help you get the best (and most affordable) business liability insurance possible. The quote depends on the type of industry you operate in, company size, location, condition, previous claim history, and other factors. It is important that you take the time to fully assess your risk exposure and then purchase a policy that best protects you, as coverage may be limited to a certain dollar amount for the specific policy period.
Business liability insurance for IT professionals
Even if you are an IT professional and don’t use your own equipment, but still have access to your customers’ equipment, you should consider getting liability insurance to protect you in case you accidentally damage the equipment or are accused of any losses related to the equipment.
On the other hand, if you are a business owner and have a number of employees, most states require you to have some sort of employee compensation policy. The minimum number of employees varies by state. This type of policy protects employee(s) if they fall ill or are injured on the job. Non-traditional employees, such as volunteers or interns, are usually NOT covered.
For those involved in the advertising/marketing/journalism industry, there is copyright infringement, libel, defamation, etc. to worry about. Some business insurance policies cover this.
Again, you should look for a quote that covers the type of coverage you need for your specific business and industry. The best place to start looking for the right thing business liability insurance package is with Hiscox. In addition to excellent customized policies, Hiscox Insurance offers the tools and tips to help you make your decision.
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