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What Is Liability Insurance for Small Business?
Liability insurance for small business refers to a range of small business insurance coverages that can help protect you from different risks that can come up during normal business operations.
This includes claims of:- Lesiones corporales
- Daños a la propiedad
- Libel
- Slander
- Advertising injury
- Errors or omissions in the professional services your business gives
As a business owner, you may be wondering “what is the best liability insurance for small businesses?” We can help answer that and make sure you understand what coverage options can help protect your business best. Obtenga una small business insurance quote today to learn more about our liability coverages.
The Best Liability Insurance Coverages for Small Businesses
Every small business is different and faces unique risks. You can customize your insurance to create the best liability insurance coverages for your business. Common types of coverage small businesses may need include:Seguro general contra terceros
Un General liability insurance(GLI) policy is an important coverage to have because it helps cover claims that your business caused:- Damage to another person’s property
- Lesiones corporales
- Advertising injury
- Reputational harm, like libel or slander
Seguro de responsabilidad profesional
Every small business owner tries to run their company perfectly, but mistakes can happen. When they do and it results in your customer losing money, they can sue. Professional liability insurance helps protect your business if you’re sued for making a mistake in the professional services you provide. Also known as errors and omissions (E&O) insurance, it can help cover your:
- Defense fees
- Judgments
- Settlements
Seguro para la pérdida de datos
Data breach insurance can help your small business respond to a breach if personally identifiable information is stolen or accidentally released. Some insurers may call this coverage cyber liability insurance. It can help cover your costs to:
- Notify impacted customers or clients
- Hire a public relations firm
- Offer credit monitoring services
Workers’ Compensation Insurance
If you have employees, they can get hurt or sick from their job. If this happens, your general liability insurance policy won’t help cover their claims and their health insurance policy won’t help either. You’ll need el seguro de compensación para trabajadores, which gives your employees benefits to recover from a work-related injury or illness. It can help cover an employee’s:
- Medical bills
- Lost wages
- Disability benefits
- Ongoing care costs
Be aware that most states require businesses to carry this coverage if they have employees.
Seguro comercial para automóviles
If you or your employees use a car to drive for business, you’ll want to get el seguro comercial para automóviles. It helps protect you on the road if you cause an accident. Additional coverage is available for vehicles with a lienholder. This insurance can help cover another person’s:
- Daños a la propiedad
- Medical expenses
If your business is renting or borrowing vehicles, you may want to consider hired and non-owned coverage.
Seguro comercial suplementario
Liability claims can sometimes be so expensive that they exceed your policy limits. Commercial umbrella insurance provides extra protection on top of some of your liability policies, like general liability insurance.
Let’s say the limit on your general liability policy is $1 million. A customer slips and falls in your business and their medical bills total $1.5 million. With commercial umbrella insurance, it can help cover the $500,000 that exceeds your GLI policy’s limits.
When Do You Need Liability Insurance for Your Small Business?
It’s important for most small businesses to learn how to get liability insurance for a small business before opening. That way, it can help you:
- Pay for unexpected lawsuits
- Sign new contracts with clients requiring insurance
Having the right insurance also helps your customers feel confident that you can cover the costs if you damage their property or if someone gets hurt at your business.
How Much Liability Insurance Does My Small Business Need?
The amount of coverage your small business needs depends on many factors, such as your:
- Lugar
- Budget
- Payroll size or annual sales number
What Is Not Covered by Small Business Liability Insurance?
Small business liability insurance can’t help your business cover:
- Lost income if your business can’t open because of covered damage to your property.
- Damage to personal or business property you own.
- Issues related to data breaches or loss of data.
- Intentional or criminal acts (tortfeasor).
Get a Small Business Liability Insurance Quote
We’re an admitted insurance company with over 200 years of experience. We’ve worked with business owners in different industries to better understand the unique risks and challenges they face. We also offer small business insurance tips, business continuity planning guides, remote working guides and more to help your small business succeed.
Get a small business liability insurance quote today and learn how we can help protect you and your company.