Commercial Business Liability Insurance: A Summary of Business Liabili…


It doesn’t matter what kind of industry a business is involved in: there is always the possible 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 the minimum 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, already IF the event occurred prior to the buy of that coverage.

Some insurance companies offer business policies that cover specific types of limitations based on the industry. If you’re a tech consultant, for example, and don’t have much physical character, then you’ll want electronic data protection as part of your policy. For some professionals and tech businesses, electronic data is already more valuable than infrastructure or office furniture.

There are free quotes and consultations out there to help you acquire the best (and most affordable) commercial business liability insurance possible. The quote will vary depending on the kind of industry you’re involved in, size of business, location, state, past claims history, and other factors. It’s important that you take the time to fully estimate 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

already if you’re an IT specialized and don’t use your own equipment, in addition 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.

however, 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 kind 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 kind 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.

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