Business Liability Insurance Cost
As a business owner, having a business liability insurance policy is a must. You’ve worked hard to establish your business and become profitable selling goods or services. While you don’t control what might happen to the business, you can insure yourself against potential legal claims. It’s not a question of if, but a question of when your business must face legal challenges.
Your business liability insurance covers personal, professional, and general liability. If a customer or client or visitor sues your company, your liability insurance will protect your business and its assets. Our team of insurance specialists at IRM Insurance is ready to customize a liability policy that works for your business and your industry, protecting your company’s assets.
What Is Business Liability Insurance & Why Is It Important?
Business liability insurance offers protection against legal claims. Anyone can file a lawsuit against your company for several reasons. Someone could injure themselves on your company’s premises, and they may find you didn’t secure the area or didn’t warn visitors about a hazard. People can also get injured because of a product or service they purchased from you.
When people are involved, there’s also the possibility of plain human error or negligence. The action of one of your employees or team members could cause injury to someone else or property damage. Even if the employee was at fault, they could hold your company liable. Business liability insurance helps you pay for the legal expenses, fines, punitive awards, medical expenses, and settlements pertaining to a lawsuit, up to the limits of your policy.
What Does Business Liability Insurance Cover?
Business liability insurance covers a variety of claims, which may arise against you in the course of doing business. Which coverage your business needs depends on your specific industry and company operations. Here are some examples of insurance coverage available for businesses:
- Personal liability
- Business liability
- Professional liability
- Public liability
- Bodily injury
- Property damage
- Personal injury
- Product liability
- Cyber liability insurance
- Temporary worker coverage
You may not need these coverage areas. For example, professional liability insurance is most beneficial to service professionals, such as lawyers or accountants. If you don’t manufacture products, you may not need product liability insurance coverage. An online business may need extra coverage to protect against cybercrimes that could expose valuable client information.
How Do You Determine Business Liability Insurance Costs?
A variety of factors determine the cost of business liability insurance coverage. These include:
- Years in business
- Consecutive liability coverage
- Industry
- Primary business operations
- Secondary business operations
- Number of employees
- Safety procedures
- Legal claims in recent history
Our specialists at IRM Insurance will talk to you about your business and its liability insurance needs to determine the best possible coverage options for you. If you’re concerned with business liability insurance costs, we offer monthly payment options. We can also cover specific business contracts and adjust your policy to include temporary contractors or employees.
Am I Required to Carry Business Liability Insurance?
No, you're not legally required to carry business liability insurance. However, you may need to provide proof of insurance to win certain contracts, especially government contracts. A comprehensive business liability policy is in your best interest because it protects your company and its assests against legal claims that may arise.
What Are the Benefits of Having Business Liability Insurance?
The benefits of business liability insurance include not having to pay for legal claims out of pocket. If the claimant is awarded damages, your liability insurance will cover the cost up to the limits of the policy. Without liability insurance, even a minor legal claim may cause you to lose your business if you don't have the funds to pay.
What Does Business Liability Insurance Cover?
Your business liability insurance provides coverage against a wide variety of claims. The policy will be tailored to your unique business and may include product liability, professional liability, property damage, and bodily injury. We;ll go over your unique insurance needs with you to make sure we cover every area of potential liability.
Get a Quote for Business Liability Insurance Today
Don’t put your business at risk. It’s time to consider getting a comprehensive business liability policy to protect your company and its assets from potential lawsuits. Legal claims against business owners are common enough that you need to secure liability coverage from the first day of doing business. Get a quote for your business liability insurance today.