Small Business Liability Insurance: Summary of What This Insurance Covers
Something unexpected can always happen with any type of business, so it is important that you have financial protection. Don’t think that just because you have a small business you don’t need insurance. Regardless of the industry you’re involved in, small business liability insurance is a must. It is not uncommon for small businesses to face some form of litigation for some reason, and the cost of not having insurance is often much higher than the cost of purchasing coverage.
Some of the common things covered by liability insurance include lawsuits, settlements, investigations, professional liability, and medical expenses / attorneys’ fees for anything your company is held legally responsible for. Some things that may not be protected under general liability include employee injuries, willful acts, and automobile-related coverage.
There are also industry-specific things that your business might need coverage for. For example, you may need some protection against copyright infringement lawsuits if you are involved in marketing or advertising. If you have a business that requires you or your employees to drive a lot, then you will need commercial 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 physical injury is especially important if your business works where accidents are most likely to occur, such as manufacturing, landscaping, or construction.
Small Business Liability Insurance Costs
It doesn’t really have to cost a lot of money. There are insurance companies and agents that will help you get affordable coverage that suits your business type and size. It is important that you choose an insurer that has a strong record of resolving claims in a timely and extremely fair manner. The company must also have a record 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 have a high-risk business, it is ideal to look for insurers that offer general policies or excess insurance to increase your coverage limits and ensure that you will be covered whenever there is a claim against you that exceeds the amount of your general policy.
Once you have purchased insurance policies, always stay on top of your coverage to make sure it is always up to date. Keep in mind the type of insurance you have in mind whenever you have an important business decision to make.
The best place to start when looking for small business liability insurance is Hiscox Business Insurance. This is a great company with an excellent reputation that offers personalized and affordable policies for each specific type of business in all industries.