Why you would need it:
Liability insurance may refer to a broad range of policies that are designed to protect small businesses from the most common risks they face. Here are some common types of liability insurance policies:
Commercial General Liability
Coverage associated with liability for bodily injury and property damage to third parties.
Directors and Officers Liability
Coverage for directors and officers of an organization if they are held liable for negligence or wrongdoing.
Professional Liability
May protect businesses that provide a service from liability claims arising from errors and omissions in their services.
Cost of Liability Insurance
The cost of a liability insurance policy will depend on many factors, such as what type of liability insurance policies you require and specifics related to your business (annual revenue, number of employees, years of experience and more).
Paying for insurance annually instead of in monthly installments may drive down your premium.
Having more years of experience in your industry may get you a cheaper premium.
Which businesses need liability insurance?
All businesses, big or small, are exposed to risk and should have some form of liability insurance.
Popular small businesses that need insurance:
- Contractors
- Accountants
- Retail stores
- Medical Practitioners
Liability Insurance for every business
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