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Liability Insurance Coverage For Small Business

Liability Insurance Coverage For Small Business

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Business Insurance And The Essential Coverage Types

While careful business planning can help reduce business risk, no amount of research and preparation can protect against every threat. What if someone sued your company because they slipped and fell in a warehouse? Or your store is flooded and many items are damaged? Not to mention that your website will be hacked or your private data compromised.

That’s where small business insurance comes in. With the many modern risks that business owners face, small business insurance is more important than ever.

Small business insurance is a paid policy that you can purchase to protect your business and yourself. This includes financial liability protection in the event of lawsuits, property damage, personal injury, workers’ compensation claims, or any other loss that may occur during operation.

Different small business insurance companies offer different types of coverage, and different small businesses need different policies based on what they do, where they are located, how many employees they have, and many other factors.

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Small business insurance covers many things, and the specifics vary by plan and provider. Some examples might be:

The world of small business insurance can seem complicated, full of endless, complex offerings. You’ll need to shop around to see what’s best for your company, but in general, you’ll need at least general liability insurance and workers’ compensation coverage.

Here are 10 common types of small business insurance that, in addition to the first two, may or may not apply to your business, depending on what you do:

Liability Insurance Coverage For Small Business

Choosing a small business insurance provider can be overwhelming, as each company offers slightly different services and prices. Generally, you will want to consider your needs, finances and risks before finding the company that best suits your needs. To help you choose, contact the suppliers you are considering for quotes.

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Liberty Mutual is one of the largest insurance providers in the world and the sixth largest in property and casualty insurance. Although it is mainly known for property and auto insurance, other insurance options include:

Nationwide has been operating for almost a hundred years – the company began its operations in 1926. as Farm Bureau Mutual Automobile Insurance Company. It was built on these beginnings and covers much more than farmers and cars, including:

Progressive Commercial is best known for its commercial auto insurance, but offers a full range of small business insurance services. Coverage options include:

Progressive also offers more specific coverage, including liquor liability coverage, ride coverage, inland water coverage, excused absences, excess lines coverage, employee pet benefits, and employee health coverage.

General Liability Versus Professional Liability Insurance

Each State Farm agency is independently owned, so in addition to selling small business insurance, they are also small business owners themselves. It offers industry-specific insurance for every stage of your business growth. Coverage options include:

Hartford is one of the oldest small business insurers in the United States, with more than 210 years of underwriting history. It started as a fire insurance company, but today offers a wide range of customizable small business insurance options, including:

Travelers is known for commercial property insurance. In addition to the US, it also offers coverage in the UK and Canada, making Travelers a good choice for international businesses. Coverage options include:

Liability Insurance Coverage For Small Business

The cost of small business insurance varies by coverage, policy and provider. According to Insureon, small businesses pay about $42 per month for general liability coverage and $57 for BOP. All average costs are broken down as follows:

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Small business insurance isn’t free, but it frees up space on your mind and gives you less worry. And while it’s not required, it’s usually a good idea to have at least some protection. Getting the right coverage for your business is important. Consider your needs carefully and shop around. Don’t be afraid to compare and even negotiate to get the best coverage at the best price.

Progressive and Insureon report that the average cost of general liability insurance hovers around $500 per year. However, insurance costs vary greatly depending on the size of your business, industry, service provider, and type of insurance policy. For example, a freelance graphic designer will pay much less than a transportation company. The best option is to get quotes from several different suppliers for comparison.

Although laws vary from state to state, the US federal government requires any business with employees to receive workers’ compensation (except in Texas for non-employee-owned businesses). Four states (North Dakota, Ohio, Washington, and Wyoming) even require you to buy a policy from the state rather than from a private carrier.

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Liability Insurance Coverage For Small Business

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Small business owners should consider purchasing various types of liability and property insurance to protect their assets in the event of lawsuits or perils that could damage their business property. They may also be required to purchase certain types of coverage depending on the state they live in and the industry they work in.

Read on for a comprehensive overview of the most common types of small business insurance and how to get the best policy to fit your company’s needs and budget.

Depending on your location and circumstances, your small business may need to purchase some types of commercial insurance. For example, most states have laws that dictate when businesses must carry workers’ compensation insurance and commercial auto insurance.

How Much Public Liability Insurance Do I Need?

Additionally, there are other types of coverage that are not required by law, but may be required to conduct business in a particular industry. For example, prospective clients often require consultants to carry general liability insurance.

It is recommended that you purchase more than just the minimum coverage required for your business. There are several types of optional coverage that can help protect you from costly claims and damaging perils that could otherwise require large out-of-pocket payments and put your business at risk.

A typical small business insurance policy should include various types of liability coverage to protect you from lawsuits when a customer, employee, or other business claims to have suffered an injury because of your business.

Liability Insurance Coverage For Small Business

Along with small business liability insurance, your policy should include various types of property coverage to protect your business assets against sudden perils such as fire, hail, theft and vandalism.

How Much Does General Liability Insurance Cost?

You can also purchase industry-specific types of coverage that address the unique risks your business faces compared to other small businesses. Examples of these types of insurance include crop insurance for agricultural businesses and liquor liability insurance for bar and restaurant owners.

Commercial insurance generally does not cover damage to your business property caused by wear and tear or improper maintenance. Also, your insurance provider likely won’t cover liability claims related to your intentional criminal acts.

Otherwise, you should be able to cover most other situations with the right type of insurance. For example, while most types of property insurance do not cover floods and earthquakes, you can insure your business assets against these perils if you purchase commercial flood and earthquake insurance.

Read on for an overview of some of the most common types of insurance for small business owners.

Small Business Insurance: Essential Cover To Bear In Mind

For many businesses, general liability insurance is the most basic type of coverage, as it can cover medical expenses if a guest is injured on your premises and property repairs if their belongings are damaged.

Small business owner general liability insurance can also cover claims related to personal injury, property damage, or personal and advertising injury claims. This means that your insurance company can fund your legal defense or pay settlements and judgments if you are sued for violating copyright law or defaming another person or business.

Commercial property insurance covers the structure of any buildings you operate from and the items stored in those buildings, such as equipment, inventory, documents and furniture. It can pay to repair or replace your commercial property when it is damaged by a hazard such as fire or theft.

Liability Insurance Coverage For Small Business

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