Every business, even the small ones, needs insurance. Generally, general liability insurance is a good place to start. If you’re in a business that requires you to speak to customers in person, whether they’re visiting you, or have access to someone else’s equipment, chances are you need insurance. Even if you’re just representing a client’s business and not meeting them in person, there’s always the possibility of a lawsuit. There is insurance for small businesses and tradespeople.
how much will it cost you The cost depends on factors such as your location, where you do business, the type of industry you are in, the size of the business, the limits/excesses you choose, etc. As the individual in charge of a business, you should ensure that it is properly protected from potential risks and unexpected legal issues.
Some small business liability insurance plans include advertising protection. This is something you may need if you are concerned about copyright laws and possible defamation allegations.
What about theft? General liability insurance usually only covers third-party damage for which your company is partially responsible due to negligence. If you’re worried about your property being stolen, look for a policy that offers that protection.
Required insurance for small businesses
You probably need insurance to operate legally. Depending on your state, there are some types of insurance that even small businesses must have. For example, if your business operates vehicles, you will need car insurance. Some states also require workers’ compensation (if you have employees).
Even if your business is primarily online, you may still need cybersecurity insurance. Small businesses are victims of data breaches all the time. Even a single security issue can cost you a lot of money. Imagine what would happen if all of your customers’ personal information was stolen.
Make sure you understand the true implications of all of a policy’s conditions and limitations before deciding whether or not it’s right for you. Insurance policies can be a bit tricky, especially when it comes to understanding industry-specific terms. Read each and every affirmation and disclaimer in the policy and make sure you fully understand all the details.
Find affordable Small Business Insurance at Hiscox Business Insurance. It’s very affordable yet comprehensive. Regardless of what industry you are in, Hiscox likely offers an insurance plan tailored to that industry.
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