WHY BUSINESS LIABILITY INSURANCE?
If you are a business owner, whether of a large company, or a small business, obtaining business insurance is vital to protect your business and personal assets. Some business owners might choose to take a leap of faith, and hope, and pray nothing ever happens to threaten their business, and livelihood. If this is somewhere along the lines of what you think, you may be surprised that there are some affordable ways to protect your business without breaking the bank. They say insurance is investing. So why not invest in the future of your business?
When should you be purchasing business liability insurance quote? Most business owners find coverage as soon as they start business, or start shopping prior to opening their business.
Depending on the business industry you are part of, most business contracts will require you to have insurance coverage in place before they will use your services. If you have employees working for your business, you could be required to meet the state requirements for workers compensation insurance.
Also depending on the type of business you own, you might want to look into different types of liability insurance policies. When debating on what coverage you need for your business there are several factors to consider. Think about the type of business you own, your business location, your property and equipment you want to protect, and your employees, and customers.
Also, bear in mind that if you are new in business, your business has the potential to grow, and with a growing business, your coverage needs may change. Think about the risks your business might come across.
For example, if you are a restaurant owner, restaurants should always carry liquor liability insurance. This could help cover costs of a claim involving the sale of liquor at your restaurant. Work with a licensed agent. Your agent should be experienced in the field of business insurance, and offer you not only several quotes, but educate you on your risks, and the type of insurance that you need.
Shop around for multiple business liability insurance quotes. You don’t know your options unless you compare as many as possible! Every year when you are up for policy renewal, reshop your options, and think about if any changes need to be made to your policy coverages.
General liability insurance will cover property damages, lawsuits, medical injury, reputation type damages, and product liability coverage.
Then there is professional liability insurance, also
called errors and omissions insurance. This type of insurance will cover things like lawsuits over missed deadlines, professional mistakes made by your or employees, and work that causes a financial loss.
Workers compensation insurance will cover salaries, medical costs and liability protection to your employees. Employment practices liability insurance will protect your business from from different disputes over employment issues, harassment, overtime, and discrimination.
Ask for this when shopping for your business liability quote!
Lastly, cyber liability insurance provides protection against hackers, cyber attacks, and data breaches.
Overall, paying your business insurance premiums can seem like a financial burden. Even shopping for a business liability insurance quote can feel overwhelming. But consider if you can afford going without any business coverage at all. Think about the overwhelming expense of lawsuits from an accident, or a claim someone makes against you. Without having the coverage you need in place, you could be risking not only your business, but your home, retirement, and savings. When contemplating what you could lose, business insurance starts to look like a no brainer decision!
If you have any questions or need business liability insurance quote, speak with an Agent Please Call us at 888 445 2793.
Last Updated on by Shawn Christie