Business Liability Insurance: A Summary of Business Liability Insurance Policies

No matter what industry a company operates in, there is always the possibility of being held accountable for some kind of incident – especially in this sue-crazy society. You never know what kind of claim your company may face, whether it be alleged negligence or misconduct. Depending on where you live, you should probably have at least basic commercial business liability insurance.

There are different levels of commercial general liability and you should learn the difference between incident and claims based policies. The first covers claims as long as the events related to the claim have occurred during a specified period of time. The latter provides coverage for a specified period of time, EVEN IF the event occurred prior to the purchase of that coverage.

Some insurance companies offer business policies that cover specific types of liability based on the industry. For example, if you’re a technical consultant and don’t have a lot of physical property, you’ll want electronic data protection as part of your policy. For some professionals and tech companies, electronic data is even more valuable than infrastructure or office furniture.

Free quotes and consultations are available to help you obtain the best (and most affordable) business liability insurance policy possible. The quote will depend on the type of industry you operate in, company size, location, condition, history of previous claims, and other factors. It is important that you take the time to fully assess your risk exposure and then purchase a policy that best protects you, as coverage may be limited to a specific dollar amount for the specific policy period.

Business Liability Insurance for IT Professionals

Even if you’re an IT professional and don’t use your own equipment, but can access your customers’ equipment, consider liability insurance to protect in case you accidentally damage the equipment or are accused of any losses regarding the equipment.

On the other hand, if you are a business owner and have a few employees, most states require you to have some type of employee compensation policy. The minimum number of employees varies by state. This type of policy protects employee(s) if they become ill or injured on the job. It usually does NOT cover non-traditional workers such as volunteers or interns.

For those involved in the advertising/marketing/journalism industry, there is copyright infringement, libel, defamation, etc. to worry about. Some business insurance policies cover this.

Again, you should look for a quote that covers the type of coverage you need for your specific business and industry. The best place to start looking for the right business liability insurance package is with Hiscox. In addition to excellent, tailor-made policies, Hiscox Insurance provides the tools and tips to help you make your decision.