How much are businesses paying for liability insurance coverage? The price can range anywhere from $300 – $1,000 per year for an LLC. It depends on many factors. Such factors include location, aggregate limit, deductibles, and annual payroll amount, risks associated with the industry, size of the company, and so forth. Business liability insurance cost is an essential expense for any business. You need to make sure you have adequate coverage and enough money to pay for it.
You, as a company owner, need to ask yourself one question: “Can my business afford a lawsuit?” Probably not. Unless you’re running a profitable corporation, chances are, a lawsuit will hurt your business. The only way to prevent lawsuits is to have some liability insurance. The “liabilities” your company is vulnerable to depend on the industry and your location.
Business lawsuits can come in the form of physical injuries on the property, slander and libel, data breaches, and so forth. A basic commercial insurance policy might include protection from lawsuits by injuries sustained on your commercial property. It may also protect against damages caused at another property by you or one of your employees.
Assume your company involves in the development, manufacturing, shipping, or selling of any product. Then, someone gets injured because of that product. You can be accountable, regardless of which part of the phase is your responsibility. There is also the matter of any services you provide. If you complete a project and then something goes wrong afterward, you might be liable. Regardless of the circumstances, it’s always good to have business liability insurance costs.
Business Liability Insurance Cost for Digital Offenses
Personal slander/advertising injuries are self-explanatory. This problem is something you’ll need protection if you run a marketing or advertising business of any kind. Be very careful with your choice of words, software, programming codes, images, graphics, etc.
If you have employees, you’ll want to offer them some insurance or have the company insure them to protect you and your business. You need protection if an employee becomes injured on the job, or a former employee tries to sue you.
Even if you don’t have a marketing or advertising agency, you still might want to consider protection from copyright infringement and slander. There is widespread digital access to pretty much everything these days.
Learn more about business liability insurance costs and what is right for you by looking into a company such as Mylo Insurance. It will help you decide on the ideal coverage and find the best policy at a price you can afford.