Something unexpected can always happen with any type of business, which is why it is important that you have financial protection. Don’t think that just because you’re a small business you don’t need insurance. No matter what industry you are involved 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 that liability insurance covers include lawsuits, settlements, investigations, professional liability, and medical expenses/attorney fees for anything your company is legally responsible for. Some things that might 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 against copyright infringement lawsuits if you are involved in marketing or advertising. If you run a business that requires you or your employees to do a lot of driving, you’ll 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 are 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 to suit your type and size of business. It is extremely important that you choose an insurer that has a strong track record of resolving claims in a timely and fair manner. The company must also have a track record of high customer satisfaction. You should always be able to get customer support and responsiveness when you need it, especially when filing a claim.
If you’re a high-risk business, it’s ideal to look for insurers that offer blanket or excess insurance to increase your coverage limits and ensure you’ll be covered whenever there’s a claim against you that exceeds your blanket policy amount.
Once you’ve purchased insurance policies, always stay on top of your coverage to make sure it’s always up to date. Keep in mind the type of insurance you have whenever you have to make a major business decision.
The best place to start your search for small business liability insurance It is with Hiscox Business Insurance. This is a great company with an excellent reputation that offers custom and affordable policies for each specific type of business in all industries.
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