Commercial liability brokers can help you protect your business assets by ensuring that you are properly covered in the event a personal injury lawsuit or property damage claim. Be sure to choose liability insurance brokers who are well-established and experienced. There are several types of liability insurance available to protect a small business including general liability, professional liability and product liability insurance.

General liability insurance protects businesses from advertising, injury and property damage claims. Professional liability insurance protects service providers in suits alleging malpractice, errors and negligence. Product liability insurance provides protection against claims alleging injury or death as a result of using the company’s products. It’s important to obtain services from a liability insurance brokerage firm that is experienced in addressing the unique insurance needs of small business owners. Consider the following tips to help you choose a liability insurance broker.

1. Outline your business assets for which you will require liability insurance.

2. Discuss coverage and rate options with liability insurance brokers.

3. Maintain adequate business liability coverage.

Action Steps
The best contacts and resources to help you get it done

Consult with liability insurance brokers to protect your business

Commercial liability insurance is not one size fits all. Prepare for meetings with liability insurance brokers by gathering all pertinent business information. Be ready to discuss your business operations, equipment, services and product offerings so that the broker can best assess your specific liability coverage needs.

I recommend: Consider obtaining commercial insurance from The Travelers Companies, a national insurance provider that offers liability insurance. You may also find Wells Fargo Insurance Services professional and product liability insurance agents across the United States.

Compare fees from commercial insurance brokerage firms

While insurance coverage options will, for the most part, be the same, rates will vary between insurance companies. Be sure to carefully review all insurance packages received from your liability insurance broker to ensure you are not substituting quality service for lower rates.

I recommend: Check out InsuranceFinder to locate local commercial insurance agencies. BuyerZone is another company that offers free online quotes from commercial insurance agents by metro area.

Stay connected with your liability insurance broker

Even though it's the responsibility of a liability insurance broker to stay abreast of changing insurance guidelines and regulations, he/she cannot maintain your policy if you don't provide regular updates on any changes in your business. Be sure to notify your broker if you anticipate any changes in how your business operates.

I recommend: Consider contacting RLI, a firm that operates in all 50 states and offers specialized liability insurance products. You may also consider AIG, a national provider of business liability and life insurance policies.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Because liability insurance brokers work on commission and may represent several different insurance companies, a broker will generally charge fees to put together insurance quote packages. Be sure to obtain fee information upfront before choosing a liability insurance broker.