Why Small Businesses Need General Liability Insurance

You may think that one way to minimize expenses in your small business would be to eliminate your general liability insurance. However, this type of policy is usually quite affordable, and it protects you from losing substantially more money in the future. Here is an explanation of why you should keep this coverage.

What It Covers

General liability provides protection from personal injury lawsuits brought by members of the public who get hurt while on your property. It also would pay your legal bills if someone were to accuse you of copyright infringement; therefore, it’s a good idea to have this policy in place, even if you work from home and do not see clients regularly.

How Much It Costs

General liability is less expensive than most people imagine it to be. Depending on the details of the policy, many small businesses pay between $30 and $50 per month. This premium is actually quite low when you consider that an average attorney charges between $100 and $400 per hour to represent you in court, on top of court fees.

When your main source of income is a small business, you learn to cut unnecessary expenses. However, your general liability insurance policy is not something you can do without.

Covering Your Construction Business Insurance Needs

No matter the size of your business, as the owner of a construction company you’re aware of the hazards associated with your operations. Not only do crew members work with potentially dangerous equipment, but they also perform in work zones that require specialized equipment and training for safety, including fall protection and gear for working in confined spaces among others. In addition to the various insurance coverage that most businesses require, your clients require you to have construction business insurance that covers claims as a result of the projects you deliver.

What Coverages Do I Need?

Contractors and construction companies need to consider standard business policies as well as protections that relate to their unique work environments, deliverables and business contracts. Consider every aspect of your operations when weighing construction business coverages:

  • General Liability – Third-party injuries or damages at the office
  • Professional Liability – Claims for negligence or from work product/deliverables
  • Property Insurance – Losses and damages to property and other assets
  • Workers’ Compensation – Employee injury protection
  • Employment Practices – Protection from employee lawsuits
  • Commercial Auto – Coverage for work-related use of vehicles

Your company may need other types of coverage for equipment breakdown, risk for facilities under construction and pollution liability, among others.

Is There Anything Else?

It’s important to work with an insurance provider that can provide all the coverages needed. Damages from an uncovered loss can take your entire company out. Umbrella policies and business income policies are also recommended just to make sure you’ve checked all the boxes.

Do You Carry the Right Real Estate Insurance?

When your business is the buying and selling of properties, your customers rely on your judgment for a lot of important decisions. Not only do you need to be able to give them accurate information about properties and the positions of each seller, but most clients also depend on your judgment and your assessment of the current marketplace for at least some of their decisions. That makes the right professional insurance for real estate agents and brokers very important to the protection of your business, but which one do you need? Brokers and agents do not need the same coverage options or limitations.

Upgrading Your Business Insurance

According to Highland Risk, brokers require more comprehensive and wide-ranging coverage than agents do. That’s because real estate brokers take on more professional risks than their agents, who are essentially salespeople working under them. Brokers are responsible for the agents under them, shielding them from certain kinds of liability. The exact coverage a broker needs is quite variable, it changes according to their need for property insurance for an office site as well as the size of the team of agents operating under them. In addition to E&O coverage that reflects their role, brokers generally also need to carry general liability insurance like other business owners.

Builders Insurance 101

In the construction industry, you have to be careful. There are hazards that other industries do not have to deal with. Here is what you need to know about builders’ risk insurance and contractor’s general liability insurance. Builders and contractors need specific insurance solutions for the circumstances that they work in.

What Is Builders Risk Insurance?

When you work in the construction industry, there are insurance policies that will protect you. If you visit www.sboneinsurance.com/, it explains how builders risk insurance covers the contractor’s materials, property, and equipment. This coverage may help in the cases of:
It’s important to check your policy in advance to find out what is covered.

What Is Contractors General Liability?

The negligence for the builder’s risk falls under general liability insurance. These policies protect against accidents and any liability that you may have due to accidents. If you’re in the construction industry, then odds are you need general liability insurance for construction workers. In the construction industry, you are more likely to have risks of:
Contractor injuries
Property damage
This makes your need for insurance coverage crucial. It is particularly important to have specialized coverages.
When you work in the construction industry, there are inherent risks that you will not find in other industries. This is why it’s crucial to have coverages that take builders’ risk into account.