What’s the worst possible financial scenario your organization could face? Is someone getting injured on your property? Are you getting sued for slander or copyright infringement? Medical payments? Security breach? Every kind of company has its liability issues to worry about, so that’s why getting liability insurance for small business is so important.
General Liability Insurance (GL) is usually a combination of a Business Owners Policy (BOP) and any specific coverage your company needs that does not come in a BOP. If you are a contractor, you might be able to get away with just GL insurance and not a BOP or any other policy type.
When you are looking for quotes online, what does general liability insurance usually cover? What do these quotes include? Typically, it covers third-party bodily or property damage liability, medical payments, damage to any premise rented to you, products (completed) operations, advertising injury, personal injury, etc. It’s essential to keep in mind that providers don’t necessarily offer the same coverage in their policies at the same price. Remember also that your own business is unique when getting liability insurance for small business.
Don’t think that you can do without any business insurance. You could wind up needing court and legal fees – even if your company is not in the wrong. It still costs money to hire an attorney to defend you when facing a lawsuit.
Getting Liability Insurance for Small Business With Confidential Data
Companies that offer BOPs and GL insurance also usually offer industry-related custom coverage options. If you are starting, you might not even be aware of all of the potential risks associated with your industry or profession that could lead to financial peril if not outright ruin.
What are you going to do if confidential data regarding your customers, vendors, employees, etc., get stolen due to a computer breach or hack, and they all hold you responsible? Even if you have quality computer security and anti-virus software, it’s still a good idea to have insurance just in case.
What if you have a store and it gets robbed? Or you find out a third party or even one of your employees is stealing from you? Or what if an employee steals from a client? This place is where commercial crime insurance comes in.
The best way to go about getting liability insurance for small business these days is through a company like Hiscox Business Insurance. This company focuses on getting small business owners insured with fast, customized coverage.