Small Business Liability Insurance Articles
Small Business Liability Insurance Articles. Commercial liability insurance protects your business against property damage, advertising injury claims, personal injury claims, and bodily injury claims. Such claims could jeopardize the success and reputation of your business.
As a small business owner you require a form of general liability protection, to shield you from such unexpected situations. A single accident might lead into a lawsuit that is beyond your financial abilities.
When that happens, you will be staring at losing your source of livelihood. That's where liability insurance comes in. Read more informative small business liability insurance articles below to get a better understanding of small business insurance.
Informative small business liability insurance articles explain how policies protect your business from expensive lawsuits should you be sued for bodily injury, property damage and more.
Small Business Liability Insurance Articles
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Browse our library for a collection of commercial insurance articles, including business liability, property, for workers compensation & commercial auto. Also get useful tips and information about how much commercial insurance costs, small business risks and exposures, how insurance regulations effect your businesses' and detailed descriptions of coverages and exclusions and more.
Small Business Liability Insurance Cost
The cost of your business liability insurance coverage is determined by various factors. They include the business type, location of your business, the total number of employees in your business, as well as the risk level your business is exposed to. For example a roofer working on a roof faces much higher risks than an accountant sitting in an office behind a desk.
In our litigious society, more and more businesses are being sued due to issues like libel, slander, property damage, and bodily injury, just to name a few. Apart from that, businesses can be sued even when they have not done anything wrong. That is why your business requires liability insurance protection and why you should read more of the small business liability insurance articles on this page.
What Does Small Business Liability Insurance Cover?
Small businesses are inherently risky. The good news is that some of the risks can be protected against. Business liability insurance helps to safeguard your business against various known and unknown risks. Some of the areas in your business that are covered by small business insurance include:
- Property damage and bodily injury: The property damage and bodily injury helps to protect your business against various business claims as well as claims alleging financial loss as a result of bodily injury or property damage, occurring out of your products or business operations. Slip an fall is covered here.
- Advertising errors: This protects your small business from certain claims where others claim that your business has infringed on certain copyrights when advertising your goods, services or products.
- Reputational harm: The reputational harm protects your business against claims of malicious prosecution, false arrest, slander, libel, wrongful eviction and violation of privacy rights, just to name a few.
- Damage to rented premises: This helps to protect your company from certain claims that might occur during your business operations. This may be occasioned by lightning, fire or explosion.
- Medical payments: Small business liability insurance will protect your business against medical claims brought forward, when someone gets injured in your business premises and requires medical treatment.
- Some clients might also need you to agree to a certain level of general liability before you can provide goods or services to them. With small commercial liability insurance, such issues are adequately handled.
Insurance Basics For Small Businesses
Not having insurance is risky business. It's an expense that many business owners deem unnecessary, but adequate insurance coverage in times of loss is invaluable. As a small business owner, only you can decide what type of insurance coverage is best for your business. The small business liability insurance articles here can help you understand what policies are available and what coverages you may need.
Take stock of the physical and personal property that is essential, and protect your assets with a policy that matches your business's needs.
Fire, theft, and other emergencies and cause costly interruption to your business activity. Protect your physical business assets with a Business Owner's Policy or Property Insurance.
Additionally, you may want to consider Worker's Compensation in case employees are injured on the job-check your state's laws regarding this type of insurance.
All business owners should consider General Liability Insurance in the case of injury to a person or to someone's property that occurs at your place of business.
Entrepreneurs who work in the service sector should also consider Professional Liability Insurance to protect themselves financially against claims of negligence, errors, omissions, or wrongful acts in the performance of their duties.
All business owners should invest in Health and Disability Insurance - unforeseen medical expenses and cause a serious financial burden.
Additionally, entrepreneurs with partnerships and businesses that rely on a key employee should consider purchasing Keyman Insurance in case that employee becomes passes the business gets the death benefit of the life insurance.
Whichever type of insurance coverage you choose be sure that the policy contains all the coverage your business needs.
You can cut down on insurance expenses by avoiding duplicate coverage. Also, use due diligence in evaluating different policies from different insurance providers.
It's essential to read the policy and understand it fully before buying and signing any insurance agreement, as the insurance provider can deny claims if certain conditions are not met on the part of the policy holder.
Small Business Liability Insurance Articles - The Bottom Line
We hope these small business liability insurance articles are helpful to you understanding of commercial and business insurance. That being said - you should always consult with an experienced commercial insurance broker to help you find the best fit policies' for your small business operations.