There are many different types of business insurance plans. Every business needs at least some kind of liability insurance to protect them from the standard risks that come with running an operation, such as lawsuits from injuries sustained by customers on the property. Of course, not every business has an actual physical location. This is why the rates for small business liability insurance plans vary.
You should already have an idea of your own risks. What kinds of lawsuits, accidents, or even natural disasters could cause harm to your company? If you work out of the home, are you sure that your equipment is covered under your homeowner’s policy? You’ll still have risks regardless, such as cyber attacks, security breaches, libel, copyright infringement, and so forth.
Small business liability insurance plans usually fall under one of three types: General Liability, Product Liability, and Professional Liability. From there, they can be tailored to meet more specific needs, since no two businesses or professionals are exactly the same, or come with the exact same risks and requirements. You might need a plan that is a combination of general and product liability insurance.
Small Business Liability Insurance Plans for Others’ Property
If your services often require you to operate on someone else’s property, you might be interested in getting a Certificate of Insurance (COI). This is essentially a type of insurance identification card that summarizes your type of coverage and contains all of the basic info, such as the policy expiration date, the names of the individuals covered, etc.
Is your business big enough that you can hire employees? Not only will you need to get some kind of insurance that protects them, you’ll also want to consider Employment Practices Liability. This covers your business entity and other employees from harmful accusations that come from disgruntled workers, former workers, or even applicants who are mad that you didn’t hire them.
There is commercial auto insurance for businesses that involve a lot of driving and mileage. This helps to cover damage to other vehicles or property, as well as bodily injury against a third party, if you or one of your employees is considered to be at fault.
You can bundle some of these coverage types, as well as many others, into one policy if you choose the right provider of small business liability insurance plans. One place to look into is Hiscox. You can easily get a quote online, call for a consultation, or simply look over many of the options for an idea of what they offer. Hiscox Insurance offers protection for over 180 professions and businesses of all sizes.