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Exploring small business liability insurance plans, part 1

Insurance is crucial for protecting your small business from unexpected hazards. One of the most important types of insurance that small business owners should have is liability insurance. A liability insurance policy can protect you in the event that a customer, client or employee should have an accident on the premises or file a lawsuit against you.

When you are insurance-shopping, you will want to know the various types of liability insurance that are available to you. This two-part series on our blog will take a look at some of the most important types of small business liability insurance plans that you should know about.

1. General liability

The broadest form of liability insurance, general liability policies are meant to cover your business from most types of accidents and are often required when signing a commercial lease. Slip-and-fall accidents and other injuries are usually covered in these policies. General liability insurance can also cover property damage that occurs on your premises.

2. Workers’ compensation

In California, any business that has at least one employee is required to have workers’ compensation insurance. This insurance provides crucial coverage in the event that an employee is injured on-site. Workers’ compensation can cover the employee’s medical costs and replacement wages. If the employee should file a civil suit against you, your workers’ comp insurance policy can also cover the cost of hiring a lawyer and paying damages.

3. Professional liability

Though professional liability insurance is not as well known as other types of insurance, it can be helpful for many small business owners. If a customer claims to have suffered a financial loss because of your business’s error or omission, professional liability insurance can help protect you from the cost of defending yourself in court or paying out a settlement.

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