Corporate Liability Insurance

6 Musts for Small Business Liability Insurance

Belong to an Association: Many trade associations and business groups such as the Chamber of Commerce provide members the benefit of purchasing insurance at group rates. Explore alternative trade associations for lower rates and a possible fit with your business.

Compare coverage: The extent of business liability coverage varies from insurer to insurer.

Assess the Industry: To gain a better perspective of the amount of coverage your small business needs, take a look at your industry. Review the recent legal actions and settlements in your field. Talk to peers and find their level of coverage. Using your peer feedback and industry research, determine the average legal costs and settlement to set your coverage limits.

Get the Package Deal: Purchasing separate types of business insurance from various insurers can quickly escalate your premiums. Depending on your business situation, it can make sense to buy a package of policies such as Business Owners Policy (BOP) to cover your business and save on rates. Be sure to understand the extent of coverage of the package. Not every type of insurance falls under a BOP. A business professional will often require a separate errors & omissions coverage.

Find a Specialist Broker: Your business and industry has unique needs and risks. To get the best available coverage and rates, consider working with an insurance broker who knows your business and has experience in your industry.

Take the necessary time to investigate your business liability insurance needs with an insurance representative, your industry association, and peers. It could be the most important decision to your company’s survival.