General Liability Insurance Small Business – To run a successful business, you have to take risks. But accepting risk doesn’t mean you don’t do a little business risk management to protect your company from losing money. While you can’t avoid every threat, certain types of business insurance can help lessen the financial blow when the unexpected happens.
If you are affected by a natural disaster or other declared emergency, other assistance may be available. To learn more, download our free Guide to Disaster and Emergency Navigation.
General Liability Insurance Small Business
Business insurance can protect a business against financial losses related to qualifying events, such as property damage, personal injury or loss of business income. Similar to home or auto insurance, insurers reimburse you for some or all of your losses if your business is affected by covered events.
Commercial General Liability Insurance
You can choose different types of business insurance depending on your industry and needs. The insurance policy you sign determines what possible events your business will be protected against.
Don’t wait until you experience a loss to find out what insurance policies you need. Prevent costly disaster by protecting your business at an early stage.
Before signing any insurance, assess the main risk factors of your business. Then understand the basics of what each type of small business insurance covers.
Check out these nine types of small business insurance you may need to protect your company.
How Much Does General Liability Insurance Cost?
General liability (GL) insurance protects your business if you face claims for property damage, bodily injury or personal injury caused by your operations. Mistakes in your business operations could cause physical harm to someone or their property, damage someone’s reputation or invade their privacy.
For example, you are the owner of a construction company. If business operations cause damage to a customer’s property, general liability insurance will cover the cost of the damage.
Be aware that general liability insurance does not cover all types of claims. Check with insurance companies to find out what claims they will cover.
Liability insurance can be issued independently. Or you can combine it with property insurance under the business owner’s insurance plan (explained later).
Benefits Of General Liability Insurance For Your Business
Who should get this type of insurance? Consider protecting your business with general liability insurance if you see clients in person, have access to their property, or represent their business.
Errors and omissions (E&O) or professional liability insurance covers customer claims made against your business. If you provide a service that does not deliver the promised results, the client can sue you.
Who should get this type of insurance? You must have E&O insurance if you provide recommendations, guidance, advice or services. Common business owners who have this type of business insurance include doctors, lawyers, accountants and event planners.
Business interruption insurance, or business income insurance, is coverage that replaces lost income if a disaster occurs (such as a storm, theft, etc.) and you have to close temporarily.
What Does General Liability Do For My Texas Business?
Typically, business interruption insurance is part of the business owner’s insurance policy. If you’re interested in protecting your business against disasters, talk to your insurers to find out how much business interruption coverage is available.
Who should get this type of insurance? Business owners who have physical offices usually opt for business interruption insurance.
Cyber insurance is coverage that can help protect business owners from cyber attacks and hacker threats. Remember, this doesn’t prevent cyber attacks — it just helps you deal with the costs if you fall victim to one.
Who should get this type of insurance? Businesses that deal with any personally identifiable information (PII) may want to consider cyber insurance.
Business Insurance: When You Need It And When You Don’t
Workers’ compensation is government-mandated insurance that protects businesses if an employee becomes ill or injured on the job. Most states require businesses to have this type of business insurance.
Generally, you can get workers’ compensation insurance through a private insurance company. However, if you do business in North Dakota, Ohio, Washington, or Wyoming, you must obtain workers’ compensation coverage through a state fund.
Who should get this type of insurance? As a general rule, any business with employees must sign up for workers’ compensation insurance.
Business property insurance protects the tangible assets of your business from damage. What are tangible assets? These are the physical assets that add value to your company, including your building, inventory, signage and equipment.
General Liability Insurance Cost
In business, a fire, storm or other natural disaster can damage your physical property. Theft or vandalism can also cause damage to your business property.
Home business insurance covers business losses that occur in your home. Home business insurance goes beyond home owner’s or renter’s insurance to cover business losses.
Who should get this type of insurance? Home businesses may want to consider signing up for this type of small business insurance. You may also want to consider home business insurance if people (such as customers, employees, partners) come into your home to do business.
Business auto insurance covers vehicles (such as cars, trucks, vans) that you use to run your business. This type of small business insurance is similar to personal auto insurance.
General Liability Insurance
Commercial auto insurance offers different eligibility options, coverage and limits than personal policies. Many vehicles can be insured with commercial auto insurance.
Who should get this type of insurance? You may want to consider commercial auto insurance if you frequently use vehicles to run your business. Examples of businesses with this type of small business insurance include truck, plow, and delivery companies.
BOP insurance does not include E&O and commercial vehicle coverage. Workers’ compensation, health insurance, and disability insurance are also not part of the BOP. You can add other types of insurance to PB (for example, listed in this article!).
Who should get this type of insurance? Any business owner should consider getting a business owner’s policy. Under BOP, you get other types of insurance (such as general liability, business interruption and property insurance) together.
Protecting Your Firm As An Additional Insured
Get started with free payroll setup and enjoy free expert support. Try our payroll software with a free, no-obligation 30-day trial. General liability insurance (GL), often called business liability insurance, is coverage that can protect you against a variety of claims, including bodily injury, property damage, personal injury, and more, that may arise as a result of your business activities. . General liability insurance prices typically include:
Learn how these insurance policies protect small businesses and how much you want to consider for your unique risk.
Progressive Commercial general liability insurance includes a variety of coverages that can protect you against claims against your business.
For example, personal injury coverage applies to your business if a customer slips and falls on your premises or is injured by a falling object.
Cheap General Contractor Insurance
Insurance also includes property damage protection, which covers any damage caused to other people’s property while you are working, and product liability protection, which covers you if your products cause illness or physical harm.
There is also personal and commercial damage coverage that protects you in claims related to defamation, defamation or copyright infringement.
The amount of general liability coverage your business needs depends on factors such as your company’s goals and contractual requirements.
General liability insurance is often combined with property insurance in a business owner’s policy (BOP), but it is also available to many business owners as separate coverage through the Progressive Advantage® business program.
General Liability Insurance Cost: 2023 Customer Prices
As an entrepreneur or small business owner, you need some form of business liability insurance to protect your livelihood.
One accident can lead to a lawsuit that you cannot handle. A great way to protect against this is to make sure you have liability coverage that matches your level of risk.
Some employers or clients may also require you to meet certain general responsibilities before you can work for them.
If you’re a business owner, you may only need general liability instead of a business owner’s policy (BOP). For example, you may not own commercial buildings that require property insurance or cover payroll or other operating expenses. However, you are still exposed to liability risks through your work.
How Much Does Small Business Insurance Cost?
You may be eligible for general liability insurance without additional coverage at BOP through the Progressive Advantage Business Program. We offer general liability as well as general supplemental insurance to eligible contractors.
General supplemental coverage extends your existing liability to other entities, as required by some employer contracts.
In 2022, the national average cost of general liability insurance through Progressive was $53. The average price was $72.
Most customers find that their monthly premium is closer to the average price, as expensive emissions often increase the average cost. Your tax rate will depend on the specifics of your business.
Differences Between Bop, General Liability, And Professional Liability Insurance For Small Business
Learn more about the cost of general liability insurance, policy evaluation factors and money-saving tips to help you find the best combination of price and protection for your business. Call us or create a quote online.
If you own commercial buildings and other commercial personal property, you may need the additional protections found in the BOP.
No, but not having general liability insurance can leave you paying all the costs associated with a claim against your business. For example, while visiting your office, a client slipped on a carpet and broke his hip. Without general liability insurance, you may be fully responsible for all medical bills and legal costs. So, although it is not required by law, it should be
