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Small Business Insurance 101
Why do I need small business insurance?
Small business owners have a lot going on, and it’s easy to let something like business insurance drop to the bottom of the list. But it’s important to protect your business from claims and lawsuits that you can’t see coming.
You could be sued for just about anything, even if you haven’t made a mistake. If someone slips and falls in your shop, or if a client thinks you didn’t do the job the way you said you would, you could find yourself facing a claim or lawsuit. Business insurance can cover the cost, including the cost to defend yourself.
Some professions require that you have business insurance. Many healthcare-related professions require professional liability insurance, which is sometimes referred to as malpractice insurance. Sometimes, a contract will require that your business be insured.
How much does business insurance cost?
The cost of small business insurance depends on the industry you’re in, the size of your business, the type of insurance, and other factors. Most small businesses spend $30 a month or less for a general liability policy, but your costs could vary. You can get a quote in the box above to find out how much your coverage may cost.
What kind of business insurance do I need?
This depends on the type of business you have. Most businesses will need general liability insurance, especially if you meet with clients face to face. If you offer professional advice, you should also have professional liability insurance. If you have business equipment, like computers or tools, you may consider a business owners’ policy (BOP) which combines general liability with coverage for your business property.
What is the difference between general liability and professional liability insurance?
General liability insurance covers someone else’s claim of bodily injury, property damage or personal injury. This means if someone gets hurt at your place of business, or their property is damaged, you’re covered. You’re also covered for claims that you damaged someone’s reputation by slander or libel.
Professional liability insurance covers your professional services or advice. This is sometimes called errors and omissions insurance because it covers something you did that you shouldn’t have (an error) and something you should have done that you didn’t (an omission). Professional liability insurance protects for defense costs you even if the claim against you is found to be without merit.
Do I need business insurance if I’m an LLC?
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“Professional and empathic towards my needs. Clearly explained policy coverage options I did not understand. Took my call late at night, just before 10pm closing time it never rushed me.”
“There was a real person who was genuinely interested in my business and the decisions I was making and putting together a solution that would be most effective to my long term goals.”
“Simple and straightforward. Completely automated and expedient process, allowing me to get right back to doing billable work. Hiscox has nailed the process for individual consultants!”
“It was fast, easy, clear, simple, direct, which are all the things that I love”
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The agent was knowledgeable, professional, thorough, and responsive. In 20 minutes I had liability coverage for my organization. Well Done!