Why Buy Business Liability Insurance?
As a contractor or small business owner, business liability insurance can protect your company in case the unexpected happens. Liability insurance ( also known as Commercial General Business Liability Insurance) covers a variety of situations, including injury or damages that occur on your property or that are caused by you or your employees. It can also cover costs associated with being sued, including legal fees, settlements or rewards. It would also cover claims of false advertising, libel, slander or copyright infringement. Regardless of whether you win or lose, such lawsuits can be extremely costly and time-consuming, taking your focus away from generating revenue. This can be devastating for a small business, so general liability insurance is extremely important. Small business liability insurance allows you to focus on your business even when you're faced with a claim of damage, injury or negligence. Three of the best known providers of general business liability insurance are Progressive Commercial, Liberty Mutual and Nationwide Insurance.
Liberty Mutual Review
Nationwide - Business Liability Insurance Review
State Farm Review
The Hartford Review
Business Liability Insurance:
Not all business or industries are the same, so you'll want to look for a company that has the background and experience to handle insurance for your type of business. Also look for testimonials to show they have gained their clients trust and have a solid track record. If you expect to continue growing, consider whether the company offers coverage that can grow with you. Coverage
Many companies sell general liability business insurance, but it can be challenging to determine what kind of coverage you ll need. It is important to consider the type of risk that you face in your business. Different types of businesses have different types of risk. For instance, a doctor would need more coverage than an arts and crafts supplier. If your business is high risk, look for companies that offer excess insurance or umbrella insurance to increase your coverage limits. This will cover you when there is a claim against you that exceeds the amount of your general liability policy. Questions you should ask yourself, and the insurance provider, include: Can the insurer provide enough insurance to cover all your assets liability as well as damage? Is the liability insurance they provide adequate? You want to make sure needs for your specific business are met. If you do contract work or do projects for other companies, it will be important to check with your client about insurance. A contract may require a certain amount of coverage or an umbrella insurance policy, or sometimes a company will add you to their general liability policy to be insured on a specific project. Some businesses are required by state law to carry certain types of liability insurance, so you ll need to check and see what your state s requirements are. Claims Processing
If something should happen, you want a company with a proven record of settling claims quickly and fairly. Check an insurer's claims process to make sure the company gives you several options, including online tools, to make and track a claim. Make sure they have options that are right for you. Look for customer testimonials about the claims process from others who have been through it. Business liability insurance should be there for you when you need it. Look for a solid company with a history of customer satisfaction. Most importantly, you want a company that has a great track record of handling claims in a timely manner.
On Guard! Defending Your Startup with Business InsuranceDownload Checklist
Business insurance, more than incorporation, protects you from liability losses associated with your company. From Commercial Business Insurance to Insurance for Employees, there are different types of coverage to help limit losses in the event of a lawsuit. Download our Business Insurance Checklist to help determine the type of coverage that could work best for you. Our Business Insurance Checklist is completely free. Simply register your email to download it now.
Protective Insurances for SMBsDownload Infographic
An uninsured small business is vulnerable to messy claims and lawsuits if left unarmed. Without the proper protective insurances, a growing startup can be one event away from complete distaster. In this infographic, we'll provide you with facts on General Liability, Workers' Compensation, and the rest of the army. Even if you're on a tight budget, make sure you have the appropriate mix of insurances to stonewall potential liabilities.
The Smartest Employee Benefit is Identity Theft ManagementDOWNLOAD
Every employee has a risk of having their identity stolen. Provide your employees with identity theft management by offering LifeLock.
Common Business Liability Insurance Questions & Answers
For workman's compensation, there are standard codes that all insurance carriers use. So, yes, in essence many carriers will have the same rates or similar rates because it really boils down to your payroll and the type of company and workforce you have. However, I would still encourage you to get bids as some companies will allow discounts/credits and occasionally rates will vary.Read More ▼
In general there will be two types of coverage companies offer. One if basic coverage in which there will be a fixed standard coverage amount pre decided by the Insurance company based on rough estimate. Second one is extended coverage where you can set a premium value for goods as per market price (good valued at market at showroom rate). This should attract some amount of fee from customer as insurance fee.Read More ▼
Being pet friendly is great if you have a way to set rules on where the dogs are and if you have a special area of them to play. How do you separate from customer meetings as some customers may not enjoy dogs (even the smell which may be another concern) and they could be a distraction during meetings. I work from home so I am with my dog. Some days he really wants to play and with no other dog around, I find myself playing instead of working. This means I work later into the evening and...Read More ▼
Mr. Roth is correct. In addition, you should look at your local state law to see what law applies to products liability. Products liability law varies from state-to-state, with some state laws being more business-friendly than others. Also, you should check to see that the manufacturers of products you are interested in allow distribution by folks like yourself, or whether they have exclusive distribution agreements. I represented a Wellness Center that received a cease and desist letter...Read More ▼
List of 10Best Business Liability Insurance
Read our unbiased review of Allstate. See how Allstate compares to the best Business Liability Insurance.
Read our unbiased review of Chubb. See how Chubb compares to the best Business Liability Insurance.
Nationwide - Business Liability Insurance
Read our unbiased review of Nationwide. See how Nationwide compares to the best Business Liability Insurance.
Read our unbiased review of Liberty Mutual. See how Liberty Mutual compares to the best Business Liability Insurance.
Read our unbiased review of The Hartford. See how The Hartford compares to the best Business Liability Insurance.
Read our unbiased review of Progressive. See how Progressive compares to the best Business Liability Insurance.
Read our unbiased review of State Farm. See how State Farm compares to the best Business Liability Insurance.
Read our unbiased review of Farmers. See how Farmers compares to the best Business Liability Insurance.
Read our unbiased review of Hiscox. See how Hiscox compares to the best Business Liability Insurance.