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 the negligence of you or your employee. Even if you take steps to keep your physical property safe, you never know when the unexpected might happen. This is why you always need some type of business liability insurance policy so that your business is financially prepared.
GL (general liability) insurance is coverage that will protect you and your organization from a variety of claims, such as physical injuries, property damage, medical payments, finished goods operations, and just about 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 could happen to you or one of your employees. GL insurance covers the basic risks that affect almost all businesses, regardless of industry. Even if your business is primarily online, your homeowners insurance provider will likely want to know if you’re conducting business from home and may want you to get some additional coverage because of it.
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 from copyright infringement charges. Web designers and programmers could be accused of stealing code. Independent journalists could be accused of 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 customized packages for the type of industry you are involved in. There is no one size fits all, so the best thing you can do is apply for insurance that suits as many of the specific needs of your industry and business as possible.
The cost of general liability coverage itself varies by state, industry, business size, and the amount of coverage you need. Insurance companies give free calculators and estimates 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 companies looking for commercial liability insurance. Get a free quote and review all industry-specific insurance packages.