Liability Insurance For Small Businesses

Liability Insurance For Small Businesses – Question: Hey Steve, I was wondering if you could give me a little insight. What kind of insurance does my small business really need? There are so many options, it’s confusing Thank you!

In my lawyer days, I represented insurance companies for a while And of course, I have purchased many policies over the years for my own small business But to answer your question, I sought out a real expert

Liability Insurance For Small Businesses

Stephanie Bush is the head of small commercial and personal lines for Hartford, an insurance company that’s a great friend to small businesses. It has been insuring small businesses for over 200 years

What To Know About Business Insurance For Your Small Business

“It definitely depends on the type of business, how big it is, whether it has employees or not. However, there are some general types of insurance that can be customized to each small business

“Almost every business will need general liability insurance, sometimes called commercial liability. Two of the most common perils that general liability covers are – that a customer is injured as a result of the business, for example in a slip and fall, and damage to the customer’s property as a result of the business activity.

Property insurance is probably the next most common insurance that a business will need and it covers their business assets including equipment and inventory and if they have any. (Note: Liability and property insurance are often combined into one policy called a business owner’s policy or BOP.)

Strauss: In this online world we live in, it’s worth considering even a small business like cyber or online insurance, right?

Small Business Insurance

“Absolutely, because today, any business can be vulnerable to a data breach or cyber attack. As such, businesses need cyber or data breach insurance to protect their own proprietary data as well as their customers’ proprietary information. If a cyber attack results in the compromise of customer information, the business owner may be liable Picking up the pieces after a cyber attack can be challenging and expensive, so this type of insurance can help navigate the challenges.

“Small business owners manage a lot They bring their unique gifts and passion to serve their communities every day At Hartford, we know they need to be kept safe enough so they can continue to do what they love.

“A common problem is not having commercial insurance at all It’s just a theft, a fire, a long power outage or a customer slipping away and a small business owner can find themselves without the help they need.

“The solution is to speak with an independent insurance agent who can help a small business owner understand how to get affordable coverage for their particular business. It is really an easy process and we see its importance every day. “

Protecting Your Small Business With The Right Policy

“Service is important and it should be easy and accessible to them online It should be easy to check payments, go through a workers’ comp audit, get insurance certificates Insurance companies should have modern capabilities for service and should have a reputation for taking care of their customers. General liability insurance can help protect your small business from claims that it caused bodily injury or property damage to others. Without general liability coverage, you will have to pay these claims out of pocket General liability insurance (GLI) can be called many different things, such as business liability insurance, commercial general liability insurance or comprehensive general liability ((CGL).

Just remember that general liability insurance costs are different for everyone because every business is unique Factors that can determine these costs include:

Did you know that four out of 10 small business owners are likely to have a property or general liability claim in the next 10 years?

Claims range from unforeseen events to unforeseen accidents such as theft, such as when a customer falls and is injured after a trip.

What Is Cyber Liability Insurance? Your Full Guide

It’s a question we hear often: “Does my small business need general liability insurance?” Chances are, the answer is yes With general liability insurance coverage, you will be protected against claims that:

If a customer injures themselves at your place of business, this policy can help cover their medical bills

Employees sometimes damage customer property while delivering products or services Your GL policy can help compensate

General liability insurance policies can help cover malpractice claims, defamation, falsehoods, wrongful discharges, and violations of a person’s privacy.

Liability Insurance For Small Business

If your rental property is damaged by fire, lightning or explosion, your general liability policy can help pay for repairs.

You can save money on the cost of your general liability insurance through bundling, such as a business owner’s policy (BOP). It combines general liability coverage with commercial property insurance and business income insurance

Liability insurance coverage helps protect you from costly general liability claims that can occur in normal business situations, such as:

You may also require this coverage if your customers request it Many customers want to confirm your general liability coverage before signing a contract with your business You can prove that you have general liability insurance with a certificate of liability insurance

Business Coverage Options

General liability insurance does not cover every type of claim Depending on your small business, you may need different types of coverage to further protect your business A general liability insurance policy will not cover commercial auto accidents, employee injury or illness, damage to your business property, professional error or omissions, intentional wrongdoing or illegal acts, or any claims that exceed your liability limits. It also doesn’t cover claims related to data breaches or lost income if your business can’t open due to property damage.

State law generally does not require business owners to carry general liability insurance But getting this liability insurance coverage is still a good idea If a customer sues your business and you don’t have coverage, it can put your business finances and your personal assets at risk.

It is important to understand your state’s general liability insurance laws Work with a local insurance agency or our dedicated small business insurance team to help you choose the right liability insurance.

Although it is not required by state law for LLCs to carry commercial liability insurance, it is a good idea to have your business protected against everyday risks. Without it, you’ll have to pay out of pocket for claims made against your business, which can be expensive Talk to an insurance agent or get an online quote today and see how we can help protect your LLC.

Common Questions About Product Liability Insurance

When you’re ready to get a general liability quote, you’ll want to have the right information handy This includes:

Not all insurance companies are the same It’s important to work with someone you can trust We have over 200 years of experience helping small business owners protect their companies with coverage like general liability insurance.

Whether you’re looking for a quote, trying to understand the general liability class code or need help filing a claim, we’ve got your back.

To learn more, start a free quote or get your general liability insurance online We can also help you obtain other essential business coverage, such as commercial property insurance and commercial auto insurance.

Liability Insurance For Cleaning Business

1 Premium amount presented is based on monthly premiums paid by small business customers in Hartford between 1/1/21 and 12/31/21 for a 12-month policy. Premiums may arise and vary for a number of reasons specific to your business

2 Hartford, “Hartford Report: More than 40 percent of small businesses will experience a claim in the next 10 years”.

Hartford shall not be liable for any damages arising from the use of any information provided on this page. Please consult your insurance agent/broker or insurance company to determine specific coverage requirements as this information is educational in nature.

The information on this page should not be considered specific legal, HR, financial, or insurance advice and is not a guarantee of coverage. In the event of a loss or claim, coverage determinations will be subject to policy language and any potential claim payment will be determined after a claim investigation.

General Liability Vs. Professional Liability Insurance

Some coverage varies by state and may not be available to all businesses All Hartford coverage and services described on this page are listed in the legal notice of Hartford Financial Services Group, Inc. may be issued by one or more property and casualty insurance company subsidiaries

Hartford Financial Services Group, Inc. For additional details, please read Hartford’s Legal Notice Our analysis of more than 5,000 customers found that the average annual cost of professional liability insurance for a small business, regardless of industry or policy limit, is $767.24. This is an average annual cost of $600

However, more than a third of small business owners pay less than $600 annually for their professional liability insurance coverage.

From our analysis, we found that about 55.7% of small businesses pay less than $51 per month; While about 33.4% pay about $51-100 per month for their professional liability insurance.

Business Insurance And The Essential Coverage Types

As with general liability insurance, the industry your business operates in has an impact on what you pay for your professional liability insurance policy.

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