Don’t let your business go bankrupt because you get sued, or wind up in a financial predicament that you aren’t prepared to deal with. Even if you run a small business, you might end up with tons of money that you have to owe for one reason or another, and don’t have the ability to pay. This is why you absolutely must do research on how to get some liability insurance for small business owner.
For the time being, you just need to figure out exactly what kind of insurance you need. Do you want to get a BOP (Business Owners Policy), which is essentially a basic policy package for small companies, protecting you from liability if a third party gets injured at your place of business, or due to something associated with your company.
Some small business owners opt for more specific, tailored policies that are geared towards their industry and business-type. Obviously, there are certain risks associated with each industry. You likely won’t ever get sued for copyright infringement if your company is related to construction, for example.
If your business is fairly new and very small, and you don’t have much money or equipment to protect, then a General Liability (GL) insurance policy might be enough. This covers medical payments, third party bodily injuries, and some advertising injuries.
Liability Insurance for Small Business Owner Details
Here are some more details about what coverage to expect with liability insurance for small business owner:
• Property damage or bodily injury caused by your business or employees
• Advertising injuries such as copyright infringement that occurs from your business’s ads
• reputational harm due to slander, violation of right of property, etc…
• Medical costs for a customer who gets injured while visiting your office / business
How much will you end up paying for such coverage? GL insurance and BOP costs depend on various factors, such as the type of business, size, years of experience, building condition, location, your own insurance claim history, and policy-specific details. If you deal with any importers, wholesale-distributors, and manufacturers, you might need additional insurance solutions to help protect your business from any possible vulnerabilities arising from such associations.
GL insurance is also important to have whenever you have clients who need to see an actual certificate of insurance before they agree to sign any contracts.
Get your quote for liability insurance for small business owners with Hiscox Business Insurance. It’s a great provider that offers basic policies, custom policies, and more. Just enter your state and industry to learn more about your options.