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Getting Liability Insurance Coverage for Your Small Business

Liability insurance for small business

Getting Liability Insurance Coverage for Your Small Business

Small businesses that are still getting off the ground need to be mindful of how they use their limited resources when planning and budgeting for expenses. When you’re growing your operations, its important to take active measures to protect what you’ve built while also being cost-effective in how you build and insure your business infrastructure. Here are some important facets of liability insurance that all small business owners need to consider.

Why Your Small Business Needs to Be Insured

Liability insurance for small business will protect your company against claims related to bodily injury, personal and advertising injury, and property damage. Without insurance, these types of actions can be extremely costly to defend. In effect, damages awarded could be greater than the value of your entire business.

You May Be Required to Carry Liability Insurance in Order to Operate Your Business

Depending on the nature of your business, you may be statutorily required to maintain minimum liability insurance coverage levels to do work in the state or county where your business operates. In addition, many condominiums, homeowners associations, and even businesses require that companies who perform any type of work on their premises provide proof of general liability insurance, professional liability insurance, or workers’ compensation coverage in order to be admitted.

Why Insurance is Necessary for a Health Setting

Allied Healthcare Sector

Having insurance is necessary when working in a health setting such as a hospital or a similar setup. Because there are a variety of situations that could occur, it is important to have coverage for those who work the front lines, such as liability insurance for emt. Here is why this is so important.

Protection in Case of Accidents

It can be easy for accidents to occur in an environment where accidents can easily occur, such as a hospital. Having general liability, occurrence liability, and even coverage for sexual abuse can protect an organization should these types of claims arise according to

Protects Different Types of Positions

The need for insurance coverage can vary by the setting and the types of jobs typical for it. This can range from needing insurance coverage for a medical director to a nurse aide. The ability to cover different positions and their unique needs is necessary when purchasing the coverage specific for your situation.

When searching for liability insurance for emt or another type of position within a healthcare setting, having the necessary protection depending on accidents that can occur is important, just as it is to work with various positions. Having this coverage can make it easier to properly serve and take care of all types of patients.

Public Liability Insurance vs Commercial General Liability Insurance

Liability Insurance

As a business owner, it is easy to get tangled in the public liability insurance vs commercial general liability insurance mix-up. They might seem similar to the uninitiated, but these premiums have their pros and cons, and its up to you to decide which one works for your business.

Public Liability Insurance

A Public Liability Policy is the first line of defense for small businesses. It insulates you from claims made for damage, injury or lost property. For example, one of your carpenters fits a client’s kitchen, then one of the cabinets falls on the customer’s children. The child sustains a broken arm, and everybody agrees you are at fault. PLI insurance can cover the child’s medical bills, leaving you free and dry. Other third parties included in this cover are:

  • Clients who walk into your business
  • Members of the public who sustain injuries during an offsite job
  • Pedestrians who are injured by your sign

General Liability Insurance

General Liability Insurance is an extension of the PLI policy. It goes well beyond the injury and damage claims to cushion your business against liabilities from faulty products, advertising injury and attorney fees. If a competitor decides to file a lawsuit for stealing their advertising ideas, GLI should blanket you from this loss.

According to U.S Risk Insurance, PLI is the starting point of underwriting your business. Once you gain momentum, upgrade to a GLI policy.

Types of Liability Insurance

Most people believe that the most basic and necessary type of insurance is General Liability Insurance or GLI. Its certainly the most common type of business coverage and is often required for contracted vendors. However, depending on the type of business you run this may not be the best option for liability coverage.

General Liability Insurance

GLI is a very broad type of coverage. It can protect businesses from liability associated with negligence, defective products or injuries that may occur on the premises. As the name suggests, it is generalized coverage.

Public Liability

PLI insurance is specifically designed to protect businesses from losses and property damage that are specifically caused by members of the public while they are on your site. It can also cover the cost of necessary medical treatment for members of the public if they suffered an injury while on your business grounds. Research on states that if the primary purpose of your business is to serve customers, then you may want to make sure you have coverage that matches your biggest liability. If you run a beauty salon, for example, where customers may be walking to different stations on slippery floors.

Workers Compensation

Some people may confuse PLI coverage with workers compensation coverage. The difference between these two is very clear. Workers compensation only covers employees, it does not cover visitors. PLI covers all visitors, including customers and any delivery personnel.

Professional Liability Insurance to the Rescue

what is mpl insurance

No matter where you are, you hear about someone getting sued or filing suit over a perceived wrong or injustice. That is why many believe this is a litigious world, and insurance has come to the rescue for many businesses and their employees. Here are a few reasons you should get MPL insurance and keep it.

What is MPL Insurance?

MPL is Miscellaneous Professional Liability insurance coverage. Sometimes referred to as Professional Capacity Errors or Omissions insurance, it covers professional services. This includes misunderstandings, misstatements, misrepresentation, mistakes, and other possible problems resulting from a failure of two minds to understand one another.

What is MPL Coverage?

Professional services are excluded from coverage by general liability policies. The MPL policy begins coverage of all claims where individuals alleged you or your employees provided negligent services or advice while in a professional capacity. MPL also covers incomplete work, failure or contractual promises, and hundreds of other professional omissions or mistakes.

What is MPL Insurance Value?

Your company can be sued, whether you or your employees did anything wrong or not. Whether the suit has merit or not, it costs a great deal to defend the case. The Small Business Administration says 36% of businesses are sued in any given year. Let MPL help you.

Dont become a statistic. Ask yourself what is MPL insurance and what it can do for your business. Then find coverage and protect your company, employees, and yourself from the litigious world you live in.

Building Blocks For New Business Insurance Policies

Insurance Agency in Needham

Finding an insurance agency in Needham to cover your new business may not be high on your priority list but it should be. After all, if something were to happen, whether a lawsuit or property damage, your business ability to continue to grow in the face of adversity will depend on your agency and the coverages within your policy. As you search for the right agency to work with, here are three key coverages that you should be sure to carry that will serve as building blocks for the rest of your policy.

Commercial Liability Insurance

Commercial liability insurance is intended to serve as general coverage for your business against lawsuits where a third party suffers an injury or property damage because of your business. Your policy would cover your legal costs including attorneys fees, settlements or judgments.

Professional Liability Insurance

Professional liability is specific coverage for third-party lawsuits claiming that an error on your part led to them experiencing a loss. In the medical field, its usually referred to as malpractice insurance, but it’s critical for those in other fields as well.

Property Insurance

Property insurance protects your belongings including your building, equipment, furniture and digital assets. If your covered items become lost or damaged because of a fire, storm, vandalism or theft, your policy will pay for their restoration.

With these three coverages, you’ll be ready to build out the more specific aspects of your policy. Working with an experienced insurance agency in Needham can ensure your policy is crafted to meet your needs.