Buy Liability Insurance For Small Business – To run a successful business you have to take some risks. But taking risks doesn’t mean you don’t do a little small business risk management to protect your company from losing money. While it is not possible to avoid every threat, certain types of business insurance can help reduce the financial blow when the imminent one occurs.
If you are affected by a natural disaster or other declared emergency, other assistance may be available. For more information, download our free guide on dealing with disasters and emergencies.
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Business insurance coverage can protect a business from financial losses related to qualifying events, such as property damage, injuries, or loss of business income. Like home insurance or auto insurance, insurers will reimburse you for any or all of your losses if your business is affected by covered events.
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You can choose different types of business insurance based on your industry and needs. The insurance you sign up for determines what potential events your business is protected against.
Don’t wait to find out what types of insurance you need until you suffer a loss. Prevent a costly disaster by safeguarding your business early.
Before taking out any available insurance, evaluate the main risk factors of your business. So, understand the basics of what each type of small business insurance covers.
Check out these nine types of small business insurance you may need to protect your business.
Small Business Liability
General liability (GL) insurance protects your business in the event of property damage, personal injury, or personal injury caused by your operations. Mistakes in business operations can physically harm someone or their property, damage someone’s reputation, or interfere with their privacy.
For example, you own a construction company. If business operations have damaged a customer’s property, general liability insurance covers the cost of the damages.
Keep in mind that general liability insurance does not cover every type of accident. Check with insurance companies to find out what types of claims they will cover.
It is possible to take out general liability insurance yourself. Or you can combine it with property insurance under a business owner’s policy insurance plan (explained later).
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Who should get this type of insurance? Consider safeguarding your business with general liability insurance if you see clients in person, have access to their properties, or represent their businesses.
Errors and omissions (E&O) insurance, or professional liability insurance, covers customer claims made against your company. If you provide a service that does not deliver the promised results, a customer may sue you.
Who should get this type of insurance? You must have E&O insurance if you provide recommendations, guidance, advice or services. Common business owners who have this type of business insurance coverage include doctors, lawyers, accountants, and event planners.
A business interruption insurance plan, or business income insurance, is coverage that replaces lost income in the event of a disaster (e.g. storms, theft, etc.) and you need to shut down temporarily.
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In general, interruption insurance is part of the business owner’s insurance policy. If you’re interested in defending your business against disasters, talk to insurers to see how much interruption coverage is available.
Who should get this type of insurance? Business owners who have physical places of business typically choose interruption insurance.
Cyber insurance is coverage that can help protect business owners from cyber attacks and hacking threats. Keep in mind that it does not prevent cyber attacks – it only helps you with the costs if you become a victim.
Who should get this type of insurance? Businesses that handle any type of personally identifiable information (PII) may want to consider cyber insurance.
Types Of Business Insurance
Workers’ compensation is government insurance that protects businesses if an employee gets sick or injured on the job. Most states require businesses to have this type of business insurance.
You can typically get occupational accident insurance through a private insurance company. However, you must obtain workers’ compensation insurance coverage through a state fund if you operate in North Dakota, Ohio, Washington or Wyoming.
Who should get this type of insurance? Typically, any business with employees must purchase workers’ compensation insurance.
Commercial property insurance protects the physical assets of your business from loss. What are material goods? They are the physical assets that add value to your business, including your building, inventory, signage and equipment.
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In business, fires, storms or other natural disasters can cause damage to your physical property. Theft or vandalism can also damage your company’s property.
A home business insurance plan covers business losses that occur in your home. Home-based business insurance goes beyond homeowner’s or renter’s insurance to cover business losses.
Who should get this type of insurance? Home based businesses may want to consider getting this type of small business insurance. You may also want to consider home business insurance if people (eg clients, employees, partners) come into your home for business activities.
Commercial auto insurance covers vehicles (eg cars, trucks, vans) that you use to operate your business. This type of small business insurance is similar to personal auto insurance.
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Commercial auto insurance offers different options in eligibility, coverage and limits than personal policies. You can have many vehicles covered under a commercial auto insurance policy.
Who should get this type of insurance? You may want to consider commercial auto insurance if you frequently use vehicles to operate your business. Examples of companies with this type of small business insurance include trucking companies, plow companies, and delivery companies.
BOP insurance does not include coverage for E&O and commercial vehicles. Workers’ compensation, health and disability insurance are also not part of BOP. You can add other types of insurance (like those listed in this article!) to a BOP.
Who should get this type of insurance? Every business owner should consider getting a business owner’s insurance policy. With a BOP, you get other types of insurance (for example, general liability, business interruption, and property) bundled together.
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Get up and running quickly with free payroll setup and benefit from free expert support. Try our payroll software in a 30-day no-obligation trial. General liability insurance helps protect your small business from claims for causing injury or property damage to others. Without general liability coverage, you will have to pay these claims out of pocket. General liability insurance (GLI) can be called many different things, such as business general liability insurance, commercial general liability insurance, or comprehensive general liability (CGL).
Just remember that general liability insurance costs are different for everyone because every business is unique. Factors that can determine these costs include:
Did you know that four out of 10 small business owners are likely to suffer a property or general liability claim in the next 10 years?
Complaints range from unexpected incidents, such as theft, to unexpected incidents, such as a customer injuring themselves after slipping or falling.
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It’s a question we hear often: “Does my small business need general liability insurance?” The answer is probably yes. With general liability insurance cover you will be protected from claims of:
If a customer is injured on the job, this policy can help cover medical expenses.
Employees sometimes damage customer property while delivering products or services. Your GL policy can help you pay for damages.
Liability insurance policies can help cover malicious prosecution, defamation, defamation, wrongful eviction, and invasion of a person’s privacy.
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If your rental property is damaged by fire, lightning, or an explosion, your general liability policy can help you pay for the repairs.
General liability insurance coverage helps protect you from costly general liability claims that may arise during normal business situations, such as:
You may also need this coverage if your clients require it. Many customers want to verify that you have general liability coverage before signing a contract with your company. You can prove that you have general liability insurance with a general liability insurance certificate.
General liability insurance does not cover every type of accident. Depending on your small business, you may need different types of coverage to give your business more protection. A general liability insurance policy does not cover commercial auto accidents, employee injuries or illnesses, damage to business property, professional errors or mistakes, intentional torts or illegal acts, or any claim that costs more than the limits of liability. It also won’t cover claims related to data breaches or loss of income if your business can’t open due to damage to covered property.
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State laws do not usually require business owners to carry general liability insurance. But it is still a good idea to have this liability insurance coverage. If a customer sues your company and you don’t have coverage, it can put your company’s finances and your personal assets at risk.
It is important to understand your state’s general liability insurance laws. Work with a local insurance agency or our small business insurance team to help you choose the right business liability insurance.
Although state law does not require LLCs to carry business liability insurance, it is a good idea to protect your business from everyday risks. Without it, you will have to pay out of pocket for claims filed against your business, which can be expensive. Talk to an insurance agent or get a quote online today and find out how we can help you protect your LLC.
When you’re ready to get a general liability quote, you’ll want to have the right information at hand. This includes:
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