Business Insurance

Where to Get Liability Insurance for Small Business Info: Is CGL Insurance Enough? What Coverage do You Need?

People file lawsuits these days over just about anything, so if you own a business, you need to make sure you are insured, no matter how big or small. Many people just starting are not for sure where to get liability insurance for small business. While there are many companies out there that provide it, not all of them will offer all of the coverage you need.

You’ll especially need CGL (commercial general liability) insurance if your work involves you or your employees coming face-to-face with third parties, whether they are clients, suppliers, or anyone else. Suppose there is even the slightest risk that a third party could become injured or that their property could become damaged. In that case, you’ll want to be safe from lawsuits. This part is where the CGL insurance comes in.

There are several other types of business liability insurance as well that are more industry-specific. They will help you come up with a custom insurance plan depending on your business size, needs, risks, and budget. As you learn where to get liability insurance for small business, it helps gather all of the information about your company and have it all organized.

In addition to business type, industry, and size, any commercial insurance provider will want to know whether you provide a service or product, what kind of service or product, business location (whether from home, office, or commercial building), whether you rent or own the place of business, square footage, number of employees, age of business, and whether your business entity (partnership, sole proprietorship, or corporation).

Where to Get Liability Insurance for Small Business With Employees

If you have employees, the liability insurance provider will want to know about their status, such as temporary, part-time, or full-time, and how many employees you expect to have over the next year. They might also want financial information. What are your estimated gross sales for the next year? What will the payroll expenses be like for the next 12 months?

Of course, depending on the size of your business, some of this information might not be relevant to you. After all, every business is different, although certain risks are associated with specific industries. If your business is new, you probably won’t need as much coverage as a large corporation. But as your company grows, so will the potential for risks and lawsuits, which means you’ll need to get more coverage over time as well.

So, if you’re still wondering where to get liability insurance for small business, you can start with Hiscox Business Insurance. They offer protection for over 180 professions, so it’s easy to get the custom solution you need for your company.

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