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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.
Are you looking for Glen Rock business insurance? As a new business owner, its easy to get overwhelmed by all the coverage options that are available on the market. Here is a simple breakdown of three coverages that you should plan to include in your new policy.
General Liability Insurance
General liability protects you in case a third party claims to have suffered an injury or property damage because of your business. In such a situation, your policy would cover your legal fees and other expenses for which youre found liable.
Professional Liability Insurance
Professional liability is great coverage for new business owners. Especially for consultants and other professional service providers, it protects you against lawsuits from third parties claiming that an error on your part led to them experiencing a loss of some sort. Like general liability, your policy would cover all your legal costs.
Property insurance is essential as it keeps you from having to spend your own money to repair or replace your business property following a disaster. You can have your building, equipment, furniture and digital assets all protected against fires, certain storms, vandalism and theft. Even if all you have is a laptop, property insurance can cover it and your data that’s on it.
More specific coverage options are available depending on your industry and business needs. Work with an experienced Glen Rock business insurance agent to create a policy that suits your needs.
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 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.