What is Business Liability Insurance?
Business liability insurance is an insurance that is almost required for businesses to protect them mostly from sudden accidents that could result in loss of a lot of money.
These accidents could include employees injuring themselves on the property, same as clients or potential clients, defamation, cyber security, loss of use prevention.
What Business Insurance Is Essential?
Generally, a workers compensation policy is required by law in most states and a general liability policy protects you from a lot of whatever may happen.
General liability insurance is sometimes required in order to do business with other businesses or to go on people’s properties, even attend events. Sometimes a general liability insurance policy is required by these vendors in the amount of $1,000,000. Which means if someone sues you, you would be protected for that amount in a suit. Sometimes these vendors require you to update the certificate of insurance, also referred to as COI, in their name and address as a proof you are covered and to attend these events or work with them.
If you do not have business insurance, sometimes it can be alright if you are starting out. We are not going to tell anyone on you if you do not have insurance. It can be required by law to have workers compensation insurance. Especially if you plan to hire employees or even contractors this can protect you. This will come in handy if an employee files a claim against you.
You will need a workers compensation policy if you are hiring workers and one decides to file a unemployment claim against you.
How Much Business Coverage Do I need?
Starting out, a $1,000,000 is generally pretty standard and almost a minimum.
How Much Will Business Insurance Cost?
Really it does depend. If you are a small business just getting started sometimes you can pay around $1,000 a year. Sometimes if you are doing a couple million dollars a year your policy can be 10s of thousands of dollars a year. It is not uncommon for large businesses such as apartment complexes to have policies in the amount of $150,000 a year.
Insurance Broker Resources actually works with you to get cheaper insurance rates without sacrificing existing coverages. Sometimes it can be hard to give you apples to apples in coverages especially when it comes to business insurance.
If you are looking for business liability insurance or more about selling it or how to sell it call Insurance Broker Resources for a consultation.