Why you would need it:
Commercial liability insurance is the most basic insurance policy, highly recommended for any business, as it may protect you from common risks that all companies are likely to face, such as:
Legal Expenses
Coverage for legal expenses if you face a lawsuit or need legal counsel.
Property Damage
Damage to third-party property caused by you or your employees, even if it happens on your premises, may be covered by this policy.
Bodily Injury
Injuries to third parties, whether on your premises or caused by your employees on someone else’s property.
Cost of Commercial Liability Insurance
The cost of your commercial liability insurance policy can vary depending on many factors like revenue, location, and industry. A policy can start at low as $39 per month.
Having no previous experience in an industry is a factor that can make your insurance premium go up.
Just like with car or home insurance, previous claims can impact your business insurance cost.
Which businesses need commercial liability insurance?
All small businesses should consider protecting themselves with some form of business insurance. The risk of operating without insurance is not worth it.
Popular small businesses that need insurance:
- Contractors
- Consultants
- Retail stores
- Architects and Engineers
General Liability Insurance for every business
Running a small business is a ton of hard work and also a source of pride.
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