Small Business Commercial Insurance Overview: Understanding Basic Business Insurance Needs

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It’s a given that all types of businesses require – at the very least – basic liability insurance. It’s always wise to safeguard your business against as much as possible. All industries are vulnerable to lawsuits for one reason or another these days. Even if you do most of your work from the home, there are still some risks you need to be aware of, such as copyright infringement. Luckily, there are custom small business commercial insurance policies are available, so you can look for quotes tailored towards your type of company and size of business.

You should take the time to educate yourself about the four primary coverage types general liability, commercial property, commercial auto, and workers compensation. If you don’t do any deliveries or use your car for anything relating to your business then you probably won’t need that coverage in your policy. If you don’t have any employees, then you won’t need workers compensation.

Even if you do have a few employees, you might or might not have to have workers compensation, depending on your state’s laws and the amount of risk involved with the employees. There is professional liability insurance for individuals such as attorneys, accountants, consultants, real estate agents, and so forth. General liability and professional liability are not the same thing.

There are some risks that are excluded under small business commercial insurance, despite the fact that they might involve large losses. For instance, floods and tornadoes require “specialized policies” This is because the insurance companies don’t like to have to pay out such a large amount of money to all of the businesses damaged within a small geographical area.

Small Business Commercial Insurance Coverage

Here are a few things from which a small business commercial insurance, in general, will protect your company:

  • If someone gets hurt in any way while on physical property associated with your business
  • If a customer has any property damaged by you or your employees
  • If your products cause harm to someone or their property
  • If you use a customer’s photo in your advertising and they try and sue you for copyright
  • If your company is named in a lawsuit for medical expenses and property damages
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What about your OWN injuries? What would become of your business if something were to happen to you? These are also things to consider when adding specialized coverage to your policy.

Just use the internet to help find the right small business commercial insurance for you, starting with Hiscox Business Insurance. Review your insurance each and every year to make sure it still lines up with your needs.

Small Business Commercial Insurance

Small Business Liability Insurance: Summary of What This Insurance Covers

Something unexpected can always happen with any type of business, so it’s important that you have financial protection. Don’t think that just because you have a small company that you don’t need insurance. No matter what industry you are involved in, small business liability insurance is a must. It’s not uncommon for small businesses to face some sort of litigation for some reason, and the cost of not having insurance is typically a lot higher than the cost of purchasing coverage.

Some of the common things covered by liability insurance include lawsuits, settlements, investigations, professional liability, and medical expenses / attorney fees for anything your business is found legally responsible for. Some things that might not be protected with general liability include employee injuries, intentional acts, and auto-related coverage.

There are also industry-specific things your company might need coverage for. For instance, you might need some sort of protection from copyright infringements lawsuits if you are involved in marketing or advertising. If you’re run a business that requires you or employees to drive around a lot, then you’ll need business car insurance. If you have employees, then some states require disability insurance or some type of workers compensation insurance.

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Small business liability insurance and workers protection that covers physical injuries is especially important if your company does work where accidents are more likely to occur, such as manufacturing, landscaping, or construction.

Small Business Liability Insurance Costs

It really doesn’t have to cost a lot of money. There are companies and insurance agents who will help you obtain affordable coverage that is tailored for your type of business and size. It’s extremely important that you choose an insurer that has a solid record of settling claims in a timely and fair manner. The company should also have a history of high-customer satisfaction. You should always be able to get customer support and responsiveness whenever you need it – especially when and if you file a claim.

If you run a high-risk business, it’s ideal to seek out insurers that offer umbrella policies or excess insurance to increase your coverage limits to ensure that you will be covered whenever there is a claim against you that exceeds the amount of your general policy.

Once you have purchased insurance policies, always stay on top of your coverage to make sure it’s always up to date. Keep the type of insurance you have in mind whenever you have to make an important business decision.

The best place to start with your search for small business liability insurance is with Hiscox Business Insurance. This is a great company with an excellent reputation that offers inexpensive, custom policies for every specific type of business in all industries.

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