With any type of business something unexpected can always happen, so it is important that you have financial security. Don’t think that just because you have a small company that doesn’t require insurance. No matter what industry you are in, small business liability insurance is essential. It is not uncommon for small businesses to face legal action for any reason, and the cost of not having insurance is usually much higher than the cost of purchasing.
Some of the common things included in liability insurance include litigation, settlement, investigation, professional liability, and medical expenses / attorney’s fees for what your business is legally responsible for. Some of the things that cannot be saved with general responsibility include employee injuries, intentional work and self-coverage.
There are also industry related things that your company may need coverage. For example, if you’re involved in marketing or advertising, you’ll need some form of protection against copyright infringement lawsuits. If you are running a business in which you or your employees need to drive a lot, you will need business car insurance. If you have employees, some states require disability insurance or some form of workers’ compensation insurance.
Small business liability insurance and workers’ protection that covers physical injuries is especially important if your company operates where accidents are more likely to occur, such as manufacturing, landscaping or built up.
Small business liability insurance costs
There is really no need to spend a lot of money on it. There are companies and insurance agents that will help you get affordable coverage that suits your business and size. It is very important that you choose an insurance company that has a solid record of settling 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 accountability whenever you need to – especially when and when you file a claim.
If you run a high-risk business, it is ideal to look for umbrella policies or insurers offering additional insurance to increase your coverage limits to ensure that whenever there is a claim against you that If it exceeds your general policy amount, you will be covered.
Once you purchase insurance policies, always stay at the top of your coverage to make sure it’s always up to date. Whenever you have to make an important business decision, keep this type of insurance in mind.
Great place to start with your search Small Business Liability Insurance Hascox is with Business Insurance. It is a reputable company that offers affordable, custom policies for all types of businesses in all industries.