Small business owners tend to be optimistic, and therefore often underestimate the amount of insurance they need. Accidents happen. There is always the possibility that someone could become injured due to negligence on your part or one of your employee’s part. Even if you do take measures to keep your physical property safe, you never know when something unexpected might happen. This is why you always need some type of commercial liability insurance policy so that your business will be financially prepared.
GL insurance (general liability) is coverage that will protect you and your organization from a variety of claims such as physical injury, property damage, medical payments, products completed operations, and just about any other reason someone might try and file a lawsuit against your company.
This kind of insurance only covers damages and injuries for third parties only. It doesn’t really cover anything that could happen to you or one of your employees. GL insurance cover the basic risks that affect nearly all businesses, regardless of the industry. Even if your business is done primarily online, your house insurance provider will probably want to know if you are conducting business from your home and might want you to get some additional coverage because of it.
Many businesses opt for additional coverage than what commercial liability insurance provides. Different industries have specific needs. Heavy outdoor work such as construction will require protection and worker’s compensation for employees who could easily become injured. Indoor advertising and marketing agencies will require protection against copyright infringement accusations. Web designers and programmers could be accused of stealing code. Freelance journalists could be accused of slander.
Commercial Liability Insurance for Property Damage
Property damage can come in many forms, and not just the physical premise on which your business is located. What about the facility where your electronic data is stored? What if one of your computers gets a virus? Electronic data protection is worth looking into.
What you need to do is check with commercial insurance providers to see if they offer tailored packages for the type of industry you are involved in. There is no one-size-fits-all, so the best thing you can do is to apply for insurance that fits as many as your industry and business-specific needs as possible.
The cost of general liability coverage itself varies based on the state, industry, size of business, and the amount of coverage you need. The insurance companies give out calculators and free estimates on their websites. Just enter your profession and state to receive an overview of the kinds of coverage available to you.
Hiscox Business Insurance is a good place that is often recommended as a starting point for businesses seeking commercial liability insurance. Get a free estimate and look over all of the industry-specific insurance packages.
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