It is a fact that all types of businesses require at least basic liability insurance. It is always wise to protect your company against this as much as possible. All industries today are vulnerable to lawsuits for one reason or another. Even if you do most of your work from home, there are still some risks to consider, such as copyright infringement. Fortunately, there are tailor-made small business commercial insurance policies available so you can search for quotes that are tailored to your business type and size.
You should take the time to educate yourself about the four primary coverage types general liability, commercial real estate, commercial auto, and workers’ compensation. If you don’t make deliveries or use your car for anything related to your business, you probably don’t need that coverage on your policy. If you don’t have employees, you don’t need workers compensation.
Even if you have a few employees, you may or may not need to have workers’ compensation, depending on your state’s laws and the amount of risk associated with the employees. There is professional liability insurance for private individuals such as lawyers, accountants, consultants, brokers, and so on. General liability and professional liability are not the same.
There are some risks that are excluded under commercial insurance for small businesses, despite the fact that they can incur large losses. For example, floods and tornadoes require “specialized policies”. This is because the insurance companies do not like to pay such a large amount to all claims in a small geographical area.
Small Business Commercial Insurance Coverage
Here are a few things that small business commercial insurance will generally protect your business from:
• If anyone is injured in any way while on physical property of your company
• If a customer has damaged property by you or your employees
• If your products harm someone or their property
• If you use a customer’s photo in your ads and they try to sue you for copyright
• If your company is named in a lawsuit for medical expenses and property damage
What about your OWN injuries? What would your business become if something happened to you? These are also things to consider when adding specialist coverage to your policy.
Use the web to find the right small business commercial insurance for you, starting with Hiscox Business Insurance. Check your insurance every year to make sure it still fits your needs.