It doesn’t matter what kind of industry a business is involved in: there is always the potential to be held liable for some incident or another – especially in this sue-crazy society. You never know what kind of claim your company might be faced with, whether it’s due to alleged negligence or wrongdoing. Depending on where you live, you’re probably required to have at least basic commercial business liability insurance.
There are different levels of Commercial General Liability and you need to learn the difference between occurrence-polices and claims-made policies. The former covers claims as long as the events regarding the claim occurred during a specific time period. The latter provides coverage over a specific period of time, EVEN IF the event occurred prior to the purchase of that coverage.
Some insurance companies offer business policies that cover specific types of liabilities based on the industry. If you’re a tech consultant, for instance, and don’t have much physical property, then you’ll want electronic data protection as part of your policy. For some professionals and tech businesses, electronic data is even more valuable than infrastructure or office furniture.
There are free quotes and consultations out there to help you obtain the best (and most affordable) commercial business liability insurance possible. The quote will vary depending on the type of industry you’re involved in, size of business, location, state, previous claims history, and other factors. It’s important that you take the time to fully assess your risk exposure and then buy a policy that will best protect you, as coverage may be capped as a specific dollar amount for the specific policy period.
Commercial Business Liability Insurance for IT Professionals
Even if you’re an IT professional and don’t use your own equipment, yet have access to your clients’ equipment, you might want to consider liability insurance to protect you just in case you accidentally damage the equipment, or get accused of any losses regarding the equipment.
On the other hand, if you are a business owner and have some employees, most states require you to have some kind of workers compensation policy. The minimum number of employees varies by state. This type of policy protects employee(s) if they become ill or suffer an injury while on the job. It usually DOESN’T cover non-traditional employees such as volunteers or interns.
For those involved in the advertising / marketing / journalism industries, there is copyright infringement, libel, slander, etc. to worry about. Some business insurance policies cover this.
Once again, you must look for a quote that covers the type of coverage you need for your specific business and industry. The best place to begin searching for the right commercial business liability insurance package is with Hiscox. In addition to excellent, custom policies, Hiscox Insurance offers the tools and tips to help you make your decision.