Small business owners tend to be optimistic and therefore often underestimate the amount of insurance they need. Accidents happen. There is always the possibility that someone could be injured due to negligence on the part of you or your employee. Even if you take steps to keep your physical property safe, you never know when the unexpected might happen. That’s why you always need some type of business liability insurance policy to get your business financially prepared.
GL (General Liability) insurance is coverage that will protect you and your organization from a variety of claims, including bodily injury, property damage, medical payments, finished goods operations, and almost any other reason someone might try to file a lawsuit against your company.
This type of insurance only covers damages to third parties. It doesn’t really cover anything that might happen to you or one of your employees. GL insurance covers the basic risks that affect almost all companies, regardless of industry. Even if your business is primarily conducted online, your homeowners insurance provider will probably want to know if you’re doing business from home and might want you to get some additional coverage because of that.
Many businesses opt for coverage in addition to that offered by commercial liability insurance. Different industries have specific needs. Heavy outdoor work, such as construction, will require workers’ compensation and protection for employees who could be easily injured. Indoor advertising and marketing agencies will require protection against copyright infringement charges. Web designers and programmers could be accused of stealing code. Freelance journalists could be charged with slander.
Commercial Property Damage Liability Insurance
Property damage can come in many forms, and not just to the physical premises where your business is located. What about the facility where your electronic data is stored? What if one of your computers has a virus? Electronic data protection is worth investigating.
What you should do is check with commercial insurance providers to see if they offer custom packages for the type of industry you are involved in. There is no one size fits all, so your best bet is to order insurance that fits as many of your industry and business-specific needs as possible.
The cost of general liability coverage itself varies by state, industry, company size, and the amount of coverage you need. Insurance companies give free estimates and calculators on their websites. Simply enter your profession and state to receive an overview of the types of coverage available to you.
Hiscox Business Insurance is a good place that is often recommended as a starting point for businesses looking for business liability insurance. Get a free quote and review all industry specific insurance packages.