The unexpected can always happen with any type of business, so it’s important that you have financial protection. Don’t think that just because you have a small business that you don’t need insurance. No matter what industry you’re in, small business liability insurance is a must. It’s 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/attorney fees for anything your business is legally responsible for. Some things that may not be covered under general liability include employee injuries, intentional acts, and auto-related coverage.
There are also industry-specific things your business might need coverage for. For example, you may need some protection from copyright infringement laws if you are involved in marketing or advertising. If you have a business that requires you or your employees to do a lot of driving, then you will need commercial auto insurance. If you have employees, some states require disability insurance or some form of workers’ compensation insurance.
Small business liability insurance and worker protection that covers physical injuries 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 really doesn’t have to cost a lot of money. There are insurance companies and agents that will help you get affordable coverage that fits your type of business and size. It is extremely important that you choose an insurer that has a strong track record of settling claims promptly and fairly. The company must also have a history of high customer satisfaction. You should always be able to get customer service and responsiveness when you need it, especially when and if you file a claim.
If you have a high-risk business, it’s ideal to look for insurers that offer umbrella policies or excess insurance to increase your coverage limits and ensure that you’ll be covered whenever there is a claim against you that exceeds your umbrella policy amount.
Once you’ve purchased insurance policies, always keep an eye on your coverage to make sure it’s always up to date. Consider the type of insurance you have whenever you have to make an important business decision.
The best place to start your search 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.