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Owning and operating a
small business comes with plenty of responsibility and
accountability. Even if you operate with the utmost care and
provide the best quality and services, a client can perceive you
did them wrong. Is your business protected with liability
insurance? Learn what all successful business owners know about
small business liability insurance.
Who Needs Business
Liability Insurance? Over 78% of all U.S. businesses are
structured as a partnership or sole proprietorship, according to
Bizstats.com. For the majority of small business owners, this
form of ownership puts your business and personal liabilities at
risk. Owning business liability insurance protects both your
business and personal life from financial ruin. A common misconception of a limited liability company (LLC)
or an incorporated company is a business owner is protected from
personal liability and liability insurance is not necessary.
There are several types of Business Liability Insurance:
General Liability Insurance: This form of business
liability insurance is the main coverage to protect your
business from: injury claims, property damages, and advertising
claims. General liability insurance also known as Commercial
General Liability (CGL) may be the only type of business
liability insurance you need depending on your business
situation.
Professional Liability Insurance: Business owners
providing services will need to consider having professional
liability insurance known as errors and omissions. This coverage
protects your business against malpractice, errors, negligence
and omissions. Depending on your profession, it may be a legal
requirement to carry such a policy. Doctors require coverage to
practice in certain states. Technology consultants often need
coverage in independent contractor work arrangements.
Product Liability Insurance: Small businesses selling
or manufacturing products should be protected in the event of a
person becoming injured as a result of using the product. The
amount of coverage and the level of risk depends on your
business type. A retailer of scrap book supplies will have far
less risks than a wood stove builder.
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Online,
affordable and cheap business liability insurance
quote available for the following states in the USA:
Alabama - AL, Alaska - AK, Arizona - AZ, Arkansas - AR, California - CA,
Colorado - CO, Connecticut - CT, Delaware - DE, District of Columbia - DC,
Florida - FL, Georgia - GA, Hawaii - HI, Idaho - ID, Illinois - IL,
Indiana - IN, Iowa - IA, Kansas - KS, Kentucky - KY, Louisiana - LA, Maine
- ME, Maryland - MD, Massachusetts - MA, Michigan - MI, Minnesota - MN,
Mississippi - MS, Missouri - MO, Montana - MT, Nebraska - NE, Nevada - NV,
New Hampshire - NH, New Jersey - NJ, New Mexico - NM, New York - NY, North
Carolina - NC, North Dakota - ND, Ohio - OH, Oklahoma - OK, Oregon - OR,
Pennsylvania - PA, Rhode Island - RI, South Carolina - SC, South Dakota -
SD, Tennessee - TN, Texas - TX, Utah - UT, Vermont - VT, Virginia - VA,
Washington - WA, West Virginia - WV, Wisconsin - WI, Wyoming - WY.
Product Liability Insurance, General Liability Insurance also
available here. |
