Business Liability Insurance Quote Guide: What Business Owners Need to Know About Insurance

How much insurance does your company need? Do you even need it for business purposes? At the very least, you will need to search for a general business liability insurance quote. GL insurance protects your company’s assets and pays for medical costs and other obligations should someone be injured on your property, or there are damages caused by one of your employees. This kind of insurance will also help cover the costs of your legal defense and settlement if someone tries to sue your place of business.

Do you really need it, though? Yes, sadly, you do. This is a litigious society and people will sue anybody over anything, even if it seems silly and trivial. If you have employees, you can’t control all of their actions every second of the day. What if they make a mistake which leads to a situation where someone is harmed? Or what if there are damages due to neglect? General business liability insurance will help protect your organization in the event that something like this occurs.

You’ll first want to determine how much coverage you will need before you start looking for a business liability insurance quote. The type of business you run will affect the amount of coverage and the perceived risk with which it is associated. A building contractor will obviously require more coverage than a graphics designer. Do a bit of industry research if you haven’t done so already before investing in any particular policy. Some contractors may also add you to their general liability policy, depending on your line of work. You could be an additional name to be insured during a project.

Premiums and Deductibles in Your Business Liability Insurance Quote

Like any type of insurance, there are premiums and deductibles involved. Generally, the higher the deductible you agree to pay, the lower the premiums, and vice versa. There are a variety of factors that affect the type of business liability insurance quote you get, such as the physical location of your business, building type, flood zones, local fire protection services, etc. all in addition to the type of business you are involved in.

When you begin getting quotes, take the time to read the terms and conditions very carefully. Take a couple of minutes to research the insurers involved to see if they have a high rating and whether they have experience dealing with businesses in the industry you are involved in.

It’s very easy to find a business liability insurance quote online – but you do need to take a few minutes to make sure it’s the right option for you. Hiscox Business Insurance is definitely a great place to start. Get a quote online or call 1-866-283-7545 to learn more about your options.

General Liability Business Insurance Guide: What Is Covered in GL Insurance Policies?

Just about every type of business requires some form of insurance in order to protect them from lawsuits, customer property damage, customer injuries, and so forth. You can shop around for general liability business insurance (GL) online. Don’t select the first quote you come across. It’s important to learn the terms and conduct research just as you would with any other type of insurance.

The industry you’re involved in plays a huge role in the policy and coverage you should look for. If you’re new to the business world and don’t have much experience, or have had problems with claims in the past, you need to prove to the insurance companies that you are not going to be a risky investment and that you deserve a chance to prove yourself. If there are any red flags you are giving off, insurers might not want to cover you.

If you’re not involved in any high-risk industries, you should have a better chance of getting approved by a good insurance provider. Even if your industry is considered to be high-risk, there still might be options for you.

Keep in mind that general liability business insurance policies aren’t all the same. A GL policy isn’t a “one size fits all” type of deal. A good insurance company will write a policy that appropriately matches your company’s needs as specifically as possible. There are even insurance options for those who work from home. If you run a website building company, for instance, you might want a policy that protects you from libel, slander, accidental copyright infringement, etc. Note: if you really do have a history of lawsuits, it might be difficult for you to get a good policy.

What is Not Covered By a General Liability Business Insurance?

What does GL business insurance typically NOT cover?

• Professional errors

• Damage to your own business property

• Employee injuries

• Employee discrimination suits

If you want protection for your own physical business property, look for commercial property insurance. This will help pay for expenses to repair / replace your business-related property when it is damaged by theft, fire, and other types of weather-related events.

A workers’ compensation insurance policy is something to consider if you are concerned about employee injuries.

Where should you begin your search for general liability business insurance, as well as other business-related coverage? There are many affordable, custom solutions at Hiscox Business Insurance. You should be able to find all the coverage you need. It’s easy to compare policies to determine what will be best for you.

Small Business Insurance Cost Guide: What You Need to Know About Insurance Coverage and Premiums

One of the biggest concerns many small businesses have is the cost of insurance. It is something you absolutely need, but how much of it can you really afford? As with any type of insurance, there are a number of factors that go into the evaluation of small business insurance cost. Approximately half of small businesses in the US pay around $400 – $600 annually for general liability insurance. However, you could still end up paying less or more a year, depending on the number of employees and the type of industry you’re involved in.

High-risk industries like construction are going to be stuck with higher premiums, while low-risk industries get the lower rates. There are usually ways to save – especially if you choose a good commercial insurance provider. Just use search tools on the internet to obtain quotes. Also, companies with a physical, brick-and-mortar store or facility open to the public are more at risk than professionals who work from a home office.

Businesses with physical locations open to the public are usually have to pay more money for insurance just in case someone is ever injured on the property. There are also things like theft, falling objects, vandalism, fire, and weather damage to worry about.

What Does Small Business Insurance Cost Include?

Even if you do operate from home, this doesn’t mean that you are completely invulnerable to lawsuits. There is always the possibility of being accused of things like plagiarism, copyright infringement, slander, and so forth. If you have any vehicle that is used for business, even if it’s your own, you’ll need insurance for that as well. Do you have employees that you send to perform errands? What if they become injured on the job? Or accidentally cause damage to a client’s equipment? Keep all of these factors in mind when evaluating small business insurance cost.

Some insurance companies for businesses and professionals simplify things by offering custom insurance plans for each industry. You can choose a policy that is already tailored for a small business in your industry, with the exact kind of coverage you need.

There are pro-active things you can do to help reduce the cost of small business insurance:

• Invest in security products.

• Develop a safety training program for employees

• Compile a list of rules for posting on social media and make sure your employees understand the rules.

• Reduce potential hazards on property

• Create a checklist for procedures relevant to your industry and company.

Where should you begin your search for small business insurance cost? Definitely start with Hiscox Business Insurance. There are custom plans in every type of industry possible. It’s easy to find the ideal solution and save money with this organization.