It’s a given that all types of businesses require – at the very least – basic liability insurance. It’s always wise to safeguard your business against as much as possible. All industries are vulnerable to lawsuits for one reason or another these days. Even if you do most of your work from the home, there are still some risks you need to be aware of, such as copyright infringement. Luckily, there are custom small business commercial insurance policies are available, so you can look for quotes tailored towards your type of company and size of business.
You should take the time to educate yourself about the four primary coverage types general liability, commercial property, commercial auto, and workers compensation. If you don’t do any deliveries or use your car for anything relating to your business then you probably won’t need that coverage in your policy. If you don’t have any employees, then you won’t need workers compensation.
Even if you do have a few employees, you might or might not have to have workers compensation, depending on your state’s laws and the amount of risk involved with the employees. There is professional liability insurance for individuals such as attorneys, accountants, consultants, real estate agents, and so forth. General liability and professional liability are not the same thing.
There are some risks that are excluded under small business commercial insurance, despite the fact that they might involve large losses. For instance, floods and tornadoes require “specialized policies” This is because the insurance companies don’t like to have to pay out such a large amount of money to all of the businesses damaged within a small geographical area.
Small Business Commercial Insurance Coverage
Here are a few things from which a small business commercial insurance, in general, will protect your company:
• If someone gets hurt in any way while on physical property associated with your business
• If a customer has any property damaged by you or your employees
• If your products cause harm to someone or their property
• If you use a customer’s photo in your advertising and they try and sue you for copyright
• If your company is named in a lawsuit for medical expenses and property damages
What about your OWN injuries? What would become of your business if something were to happen to you? These are also things to consider when adding specialized coverage to your policy.