Is It Hard to Get Small Business Liability Insurance?

 

Small business liability insurance is protection no small business owner should be without, especially in a litigious society such as the one we're living in here in the U.S. A single injury that one of your customers or employees suffers could spell financial disaster to your business without some good small business liability insurance to help cover the cost of a liability suit.

Getting Small Business Liability Insurance

Small business liability insurance is easy to obtain and is offered by most insurers selling business insurance. There are numerous types of business liability insurance, including:

• General Liability Insurance, which protects you against financial losses resulting from lawsuits stemming from bodily injury, property damage or slander, and for costs associated with legal defense and judgements.
• Product liability Insurance, which protects you from financial losses resulting from lawsuits stemming from defective products causing property damage or bodily injury.
• Professional Liability Insurance, which protects you from financial losses resulting from lawsuits stemming from claims of malpractice, errors, omissions or negligence.

Steps to Buying Small Business Liability Insurance

There are some basic steps you can take to get your business liability insurance. Start with a clear assessment of what types of risks your business faces. What kinds of accidents or lawsuits could be damaging to your company?

Contact a well-regarded, licensed commercial agent who can recommend coverage that best matches your insurance needs. Use an independent agent with access to a number of different insurers and let them offer you at least three insurance options. Compare the different terms, rates and benefits and pick the policy that best suits your particular insurance needs. After a year, re-access your business insurance needs and upgrade as needed.

Home-based Businesses

• A small home-based business, operated out of your personal home, can be protected for a small amount of business property loss and liability claims by adding a rider to your existing homeowners policy. The amount of liability coverage you need will depend partly on whether or not you have clients or customers coming into your home to conduct business. An umbrella policy can be added to your coverage for increased liability coverage. These policies are reasonably priced and add coverage to your existing liability protection.