Owning a small business is hard work and you want to make sure you are protecting yourself and your business from small business insurance legal situations that may arise. Even if you are extremely careful in your business dealings and provide the highest quality service, a client can easily accuse you of wrong doing and put your business and everything you have worked for in jeopardy. This is why it is so important to have business liability insurance to protect your interests.
* General Liability Insurance- This is broad coverage that can protect you from injury claims, property damage and other general lawsuits.
* Professional Liability Insurance- This is also commonly referred to as errors and omissions insurance. If you own a service oriented business, like an accounting firm or recruiting firm, this type of coverage is almost a must. In some cases, depending on your profession, professional liability insurance is required by law. This can protect you from claims of negligence, malpractice and errors and omissions.
* Product Liability Insurance- If you manufacture or sell products you will want to invest in this type of insurance. It can protect you in the event that someone gets injured while using your product. The type of product and the risk associated with that product will determine the rates. If you are selling stuffed animals, your rates will be lower than someone selling chainsaws.
The costs associated with protecting your business and yourself are high and you want to make sure you shop around and get multiple free insurance quotes. Here are some tips to help you get the best rates for small business liability insurance.
* Shop around- The Internet has great sites where you can get multiple free rate quotes and compare coverage from carriers. The extent of coverage and cost vary widely from insurance company to insurance company, you never want to settle with just one quote.
* Join a group- Many business groups and associations offer discounted insurance rates for their members. A group you may want to join is your local Chamber of Commerce.
* Bundled deal- If you purchase separate policies from different companies your rates would be much higher than if you purchased multiple policies from the same carrier.
* Find a niche broker- many brokers and companies will specialize in a certain area. For example, there are insurance companies that specialize in providing insurance coverage for lawyers only or for accountants only. Many times, these specialized companies will be able to provide you with the best rates and the best coverage because they truly understand the intricacies of your business.
Protecting your small business from risks may be the most important business decision you make. Take the necessary time to research the best options and talk to multiple companies and get multiple free quotes so you will be able to make an informed decision.
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