It goes without saying that any kind of business needs at least basic liability insurance. We always recommend protecting your business as much as possible. All industries these days are prone to litigation for one reason or another. Even if you do most of your work from home, you should be aware of the following risks: B. Copyright Infringement. Luckily, customized small business commercial insurance is available, so you can look for a deal that fits your business type and business size. You should take the time to learn about the four main types of coverage: general liability, commercial property, commercial motor vehicle, and workers’ compensation. If you don’t make deliveries or use your vehicle for business purposes, your insurance policy may not require this coverage. If there are no workers, workers’ compensation is not required.
Even if you have employees, you may or may not need workers’ compensation, depending on state law and the level of risk associated with your employees. There is professional liability insurance for individuals such as lawyers, accountants, consultants and realtors. Public and professional responsibilities are not the same.
There are some risks that small business commercial insurance excludes, although they can involve large losses. For example, floods and tornadoes require a “special policy”. Because insurance companies don’t want to pay so much money to every company that suffers damage in a small geographical area.
Coverage of small business insurance
Here are some things that small business insurance generally protects your business.
• if someone is harmed in any way while on physical property related to your business;
• If a customer damages property because of you or your employees;
• if your product causes damage to someone or their property;
• You use a customer’s photo in an ad and the customer tries to sue you for copyright.
• If your business is named in a lawsuit for medical bills and property damage;
what about your own injuries? What would happen to your company if something happened to you? These are also considerations when adding extra coverage to your insurance.
Use the internet to find the right small business business insurance, starting with Hiscox business insurance. Review your insurance annually to make sure it meets your needs.