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It’s a given that businesses of all types need – at a minimum – basic liability insurance. It is always wise to protect your trades as much as possible. All industries are in the grip of lawsuits these days for one reason or the other. Even if you do most of your work from home, there are still some risks you need to be careful of, such as copyright infringement. Fortunately, custom small business commercial insurance policies are available, so you can look for quotes tailored to your company type and business size.
You should take the time to educate yourself about the four primary coverage types general liability, commercial property, commercial auto and workers’ compensation. If you don’t make any deliveries or use your car for anything related to your business, you probably won’t need that coverage in your policy. If you don’t have any employees, you won’t need workers’ compensation.
Even if you have few employees, you may or may not be required to pay workers’ compensation, depending on your state’s laws and the amount of risk associated with the employees. There is professional liability insurance for individuals like lawyers, accountants, consultants, real estate agents, etc. General liability and business liability are not the same thing.
There are some risks that are not covered under small business commercial insurance, despite the fact that they may involve large losses. For example, floods and tornadoes require “special policies” because insurance companies don’t like paying such a large amount to all businesses damaged in a small geographic area.
Small Business Commercial Insurance Coverage
Here are some of the things that a small business commercial insurance will typically protect your company from:
• If someone is hurt in any way while on physical property belonging to your business
• If you or your employees have caused damage to a customer’s property
• If your products harm someone or their property
• If you use a customer’s photo in your ad and they try to sue you for copyright
• If your company is named in a lawsuit for medical expenses and property damage
What about your own injuries? What happens to your business if something happens to you? These are also things to consider when adding special coverage to your policy.
Just use the internet to help you find the right one small business commercial insurance Starting with Hiscox Business Insurance, for you. Review your insurance every year to make sure it still fits your needs.
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