Top 10 Small Business Liability Insurance Companies
Small business liability insurance protects your enterprise from legal actions against it due to different circumstances. Always grouped as one type of small business insurance coverage, in fact business liability insurance can be sub divided into different types of liability coverage that all are different from one another. This means that if your business has liability insurance there are the following four types of liability protection delivered with it:
1. Public liability – this coverage protects your enterprise from legal claims filed by other companies or persons due to injuries or harm caused by the company to persons or property by its activities or negligence. Of course, web design companies or SEO agencies are unlikely to require such coverage as there’s simply no way a graphic designer can injure another person by his work, but in case your business has workshops or production facilities with third parties able to access them you should definitely carry public liability coverage because the risks of delivering public damage is rather high.
2. Employers liability – as you may guess from the name, this type of liability coverage protects your enterprise from any claims filed by own employees as a result of sickness, injuries or other harm delivered during the working time. Of course, you may resolve any in-house situation without having to go to court and needing this type of coverage, but sometimes employees will not agree with you and that’s exactly when employers liability kicks in.
3. Professional indemnity insurance – this type of business insurance coverage protects your enterprise within the course of your professional activities. However, it depends on the type of activities your business is running. For instance, accounting companies are legally required to take out this type of insurance coverage because they wield financial and legal responsibility in case their activities are erroneous, while IT consulting companies are strongly insisted by clients to include such coverage into their business insurance policies.
4. Directors insurance – of course, having corporate business organization guarantees its owners and directors limited or no legal responsibility for the actions of the enterprise. However, in certain cases like professional negligence, corporate heads can be sued and required to carry individual responsibility for their actions. In such situations directors insurance kicks in, providing financial protection for the company and paying for legal costs the key employee has to face. Of course, not every employee is eligible for such protection as only corporate heads can benefit from such coverage because their inability to work can reflect in the entire business’s activity.
Top 10 Small Business Liability Insurance Companies:
Get a small business insurance quote today from AmVenture. Our competitive premium cost combined with superior service allows you – as a small business owner – the security of knowing your business is protected. Our affiliated insurance carriers are rated A (Excellent) by A.M. Best Company.
You deserve an insurance company that covers your many sides. Nationwide offers home, small business and auto insurance, as well as retirement products and financial resources. Whether you are starting a family or well into retirement, you can count on Nationwide’s protection and support.
Hiscox offers insurance tailored to your specific business needs. Helping the courageous overcome the impossible.
Safeguard your business with industry-leading personal and commercial insurance, group benefits and mutual funds. Find your business solution today.
We’re changing the face of Small Business Insurance by merging technology, design & good old-fashioned know-how. Protect Your Business Now!
Save time and money when you shop for small business insurance online with Insureon. Compare quotes from leading insurance providers to protect your business.
Insurance coverage from State Farm can help you protect the people and things you value most. Get auto insurance quotes, explore other coverage, and find an agent.
Home, life and car insurance from Farmers Insurance Group. With car insurance discounts and fast claim service, it’s no wonder over 4000 customers a day switch to Farmers.
Get a free insurance quote from Liberty Mutual – specializing in car insurance, home insurance, and life insurance.
Commercial insurance from Progressive. See how much you can save with a free commercial auto insurance or business insurance quote.
Do companies need small business insurance coverage?
Business insurance may play a very important role in keeping your business on the move in case something serious happens. Small business insurance is aimed at small enterprises that are easier brought down by serious circumstances like natural disasters or legal actions, where big enterprises may have own sufficient reserve funds do deal with such matters. Some types of business insurance coverage are required by law, such as workers’ compensation or business vehicle insurance, while other types are optional.
If you feel confused about the necessities in insurance your company really has, it’s better for you to consult with an insurance expert and define the exact amounts and types of coverage your small business insurance policy should provide.
In order to understand the importance of small business insurance just imagine certain situations when you don’t have insurance coverage. For example, your business vehicle has ended up in a traffic accident and you don’t have corporate auto insurance. This means that you will have to pay for the damage directly from your company’s budget, because commercial autos aren’t covered by personal auto insurance policies.
Or your employee breaks his leg at work – you will have to pay for the medical costs from your company’s money too, and it could be a lot of money. Situations like these can easily be resolved when your company has small business insurance with appropriate coverage amounts. Of course it all depends on your activities and particular situations but having no small business insurance at all will take your enterprise down as soon as something serious happens. And who wants to see the result of own work and effort go down just because of personal carelessness and desire to save on insurance bills?
Large companies and corporations may look like being protected against unpleasant situations, but the fact is that large businesses spend large amounts of money on their insurance needs.
Why is that you might ask? Because large companies understand how important it is for them to protect their assets and business consistency against various risks and they will pay for reducing such risks by the means of insurance. Making money requires consistent work on the enterprise and falling prey to any events that may stop or damage the output will have a serious impact on your business. That’s why if you have a small and developing enterprise it is important to have small business insurance for sustaining your growth and not letting any risks bring the whole business down.
There is a common myth among people who run a business out of their garage — that their homeowner policy will cover all problems. Unfortunately, almost every domestic policy excludes liability for commercial risks.
People spend years trying to figure out the way to make the premiums on their insurance deals go lower. A lot depends on the amount of steps you will take to change the situation into better.
With the globalization processes going on in the world economy it is clear that the world itself is getting smaller every year. And as much benefits this brings, there are as many downfalls posing risks to any business working internationally.
Every businessman no matter how big his business is knows that there are numerous risks his enterprise can face every day. And when the business is a small one, the impact these risk can deliver can be more harmful than for a large company.
Imagine what could happen to your business if you were disabled for a few months or trying to recover after a bad accident. Most small businesses are tightly bound to their owners and if something bad happens to the person running the whole thing it can mean bad news for the enterprise.
Fire in a business’s premises can put any enterprise out of the game for good. The damage associated with fire is always very high and there are many cases when the property gets damaged beyond repair, making it impossible to out the business back on track for a really long time.
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