Global Courant
The unexpected can always happen with any type of business, so it is important that you have financial protection. Don’t think you don’t need insurance just because you have a small business. No matter what industry you’re in, small business liability insurance is a must. It’s not uncommon for small businesses to face litigation for one reason or another, and the cost of not having insurance typically far exceeds the cost of buying coverage.
Some of the most common things covered by liability insurance include lawsuits, settlements, investigations, professional indemnity, and medical/lawyer fees for anything your company is held legally liable for. Some things that may not be protected with general liability include worker injuries, willful acts, and auto-related coverage.
There are also industry-specific issues that your business may need coverage for. For example, you may need some form of protection from lawsuits for copyright infringement if you are involved in marketing or advertising. If you have a business that requires you or your employees to drive around a lot, then you need business auto insurance. If you have employees, some states require disability insurance or some type of workers’ compensation insurance.
Small business liability insurance and worker protection that covers bodily injury is especially important if your business works where accidents are more likely, such as manufacturing, landscaping, or construction.
Small business liability insurance costs
It really doesn’t have to cost a lot of money. There are companies and insurance agents that can help you get affordable coverage tailored to your type of business and size. It is extremely important that you choose an insurer that has a solid track record of handling claims in a timely and fair manner. The company must also have a history of high customer satisfaction. You should always be able to get customer support and responsiveness when you need it, especially when and if you file a claim.
If you run a high-risk business, it’s ideal to look for insurers that offer umbrella policies or top-up policies to increase your coverage limits to ensure you’re covered should there be a claim against you that exceeds the amount of your general policy exceeds.
Once you have purchased insurance policies, you should always keep abreast of your coverage to ensure that it is always up to date. Keep the type of insurance you have in mind when making an important business decision.
The best place to start your search small business liability insurance is at Hiscox Business Insurance. This is a great company with a great reputation that offers cheap, tailor-made policies for any specific type of business across all industries.
Small Business Liability Insurance: Summary of
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