General Liability For Small Business - If you are a business of any kind, then yes, you should have business insurance. It doesn't matter if you work alone, you have a team made up of a few friends, or you run a large store. If you receive payment for your goods or services, you are a business.
No worries. The type of business insurance you need depends on the type of risk you face. Therefore, the first step in finding out which insurance policy to look for is to find out what your business risks are. This is important to know before you start because it can affect what type of coverage you need and how much you will pay. The type of protection you need depends a lot on the line of work you do.
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Every business has its own unique risks. Your insurance plan should protect you from liabilities arising from your business. This is where an insurance agent can help big time.
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Note: Some clients may also require you to have a certain amount of insurance before they hire you for work, especially if you work as an independent contractor.
Liability means "risk". Owning your business has risks, which is why liability insurance is a great place to start for employed people. Three popular liability policies include general liability, professional liability, and cyber liability insurance.
What is general liability insurance? Basically, a general liability policy covers your base for many common things that can go wrong while you're running a business. This policy will protect you from financial loss if you damage someone else's property, or someone abuses your device.
Property damage and bodily injury are not the only benefits of general liability insurance. Non-physical risks, such as personal injury and advertising*, are also covered.
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Not only that, if someone files a lawsuit against you, you may have to pay court fees, attorney fees, damages, losses, etc.
Not every company needs this type of insurance. However, if you provide expert services or advice for life, it is very important. People like designers, technical consultants or photographers can benefit from professional liability insurance.
Professional liability insurance (also known as errors and omissions or E&O insurance) protects you if a customer claims your company made a mistake, was negligent, or failed to provide a promised service.
If you're a consultant, you give advice for a living. If your advice causes any kind of financial loss to your client, you may find yourself facing a lawsuit if your client is sued.
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Those witch customers can sue you. Paying for serious damage will hurt your pocket, but with professional liability insurance, the costs will be taken care of.
Can we all agree that paying someone else for a very expensive and crazy situation is almost always better than paying out of your own pocket?
You may think, "That sounds pretty intense. It's probably only for big companies." And if you are wrong, you are wrong. Cyber liability insurance protects any business where a customer's personal information may be stolen or exposed.
Okay, that sounds a little intense. But here's the deal: anyone who uses technology to do business needs to have a cyber policy And for big companies - yes, they usually have strong security systems.
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And that's why, statistically, hackers gravitate towards smaller organizations. You should think about getting cyber liability insurance if your business handles sensitive customer data (even something as simple as credit card information).
This is quite clear. Business property insurance protects… well, your business property. Any commercial property can be protected under this policy - from smartphones to computers, photography equipment, and even the office building itself.
If something is damaged by theft, fire, vandalism, natural disaster, or anything else, this policy will cover your property. You can choose to have your policy pay for losses based on replacement cost or actual cash value. For more on that, go here.
Home businesses often rely on home owner or renter's insurance to cover their business items - 48% of home businesses, in fact.
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Unfortunately, what some may find too late is that the policy usually only covers $500 of work-related damages. Therefore, it is very important to protect your commercial property.
Business property insurance is limited to your business premises (usually a 500-foot radius of coverage around the building). If you usually take your equipment, gear or equipment offsite with you, you should consider inland marine insurance, which protects commercial property during transit.
A business owner's policy, also known as a BOP, combines general liability and business property insurance into one package policy. You get better protection at a lower price than buying each cover separately.
Another great thing about the business owner policy is that it is easy to add many other endorsements (non-insurance speaking: you can easily add additional coverage to a BOP.)
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Also known as worker comp, or workman's comp, this type of insurance is great for self-employed people with or without employees. Employment insurance helps cover expenses incurred due to illness or injury related to the employee's work.
Examples of such costs include medical expenses and lost wages due to taking time off to recover. This policy not only protects your employees, but also protects your business. Medical expenses can be very expensive. Paying them out of pocket can potentially hurt your business, or maybe sink it.
Workers comp policies are not always optional. Many states require employers to have insurance by law. But you should consider workers comp even if you don't have employees.
American households will struggle to make ends meet in a few months if a primary wage earner dies today.
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You need this if your company has a car. Why? If you're driving your car for work-related reasons (even if it's shopping) and something happens, your personal auto policy usually won't cover the incident.
This type of car insurance provides liability protection for cars that you borrow, lease or rent. It also applies to employees who use personal vehicles for your company.
Do self-employed people need umbrella insurance? It depends. Umbrella insurance is also known as excess liability insurance. Insurance policies have limits on how much they will cover if something bad happens. Umbrella insurance increases your existing policy limits.
So if you have additional liabilities that your business may face, then yes, you should consider this policy, as it can help pay for additional costs from unforeseen disasters that may put you out of business.
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For example, let's say your company's auto policy covers up to $500,000 in damages. You are in an accident, costs that add up to $ 650,000. With umbrella insurance, an additional $150,000 can be covered by your policy. Otherwise, you will have to pay it out of your own pocket.
It doesn't cost as much as many people think. The price of business insurance depends on how much risk you face. For example, a data entry professional will pay less than a large company.
The price of your insurance plan will depend on things like your job, the size of your business, and the types of things you want to cover.
Small independent businesses can pay around $500-$900 per year, while large companies can pay more than $50,000 per year.
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We compare over 30 top insurance providers (for free) to find you the right coverage at the lowest cost. No hidden costs and no obligation.
There are so many variations in commercial insurance that the best way to find out how much it will cost you is to fill out a simple online form about your business, and our experts will show you the most affordable options for your operation. Come on.
Made up of experts with more than 30 years of experience, we work with top national insurance companies to provide the most competitive rates to our customers. Question: Hey Steve, I was wondering if you could give me a little insight. What insurance does my small business need? There are so many options, it can be confusing. thank you!
Back in my lawyer days, I represented a temporary insurance company. And of course I have purchased many policies over the years for my own small business. But to answer your question, I am looking for a true expert.
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Stephanie Bush is the head of small commercial and personal lines for Hartford, an insurance company that is a friend of small businesses. It has been insuring small businesses for over 200 years.
"It definitely depends on the type of business, how big it is, whether there are employees or not. However, there are some general types of insurance that can be tailored for small businesses.
"Almost every business will need general liability insurance, sometimes called business liability. Among the things that general liability covers the two most common risks - a customer being hurt by the business, in a slip-and-fall, for example, and damage caused to customers
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