Frequently Asked Questions For The Small Business Liability

No small business is free of risk. Therefore, if you are exposed to accidents, employee theft, third-party injuries, accidents in business vehicles, or any other misfortune, you should get Small Business Insurance. Obtaining the right business insurance is integral to establishing a reputable and sustainable business and minimizing risk.

Most businesses need liability insurance, and the most common are General Liability and Professional Liability. However, there are several different types of liability coverage to choose from, so we encourage you to call one of our agents to identify the kind of coverage that best fits your needs. Depending on your line of business, the policies you need might change. Nevertheless, the following are the five basic insurance coverages that most businesses have and that we widely recommend:

• BOP Business Owners Policy
• Worker’s Compensation
• Commercial Auto
• Umbrella Insurance
• General Liability

General Liability Insurance covers claims made by clients or third parties for any damage caused by your operations or employees, including bodily injury, damage to property, or personal injury. For example, suppose you own a restaurant, and a waitress spills a drink on a customer’s computer or accidentally burns them. In that case, General Liability insurance will cover your defense, medical, repair or replacement costs, and settlement expenses.

The short answer is no; social security is not needed to get general liability insurance. However, depending on your business and what type of coverage you’re looking for, you may need to provide additional information, such as your business tax ID number or a copy of your business license.

Business insurance usually includes liability coverage. A Business Owners Policy is simply a combination of Liability and Property Insurance for the specific needs of your business. With General liability insurance, you are protected from claims of bodily injury or property damage that your business caused. It can also save you if you get sued for advertising injury. On the other hand, Commercial property insurance covers your business’s equipment and physical location, whether you own or lease it.

If you have employees and want them to be covered if they get injured while working, we recommend you carry Workers’ Compensation insurance. That policy ensures that any employee will have medical protection for injuries or diseases resulting from work-related activities. It also protects the company from any lawsuits filed by the worker. Furthermore, this policy is legally required in most states.

We recommend that everyone who works for you and doesn’t carry insurance should be listed as an employee, specifying if they’re working full-time, part-time or casual labor. That ensures that any mishap caused by them or to them will be covered.

It depends on the type of coverage you’re applying for and the carrier underwriting the policy. Some carriers we work with can provide coverage nationwide only if 51% of the operations are within the primary state. We recommend that you ensure with an agent that the states you’d like to be covered in are included in the policy before proceeding. Different states have different laws, and coverage needs to be adjusted accordingly.

Standard business insurance policies usually do not cover any customers’ property stored at your business or losses and damage from floods, hurricanes, certain types of natural disasters, and other major weather events. However, you can always ask an agent to extend your policy if you need these covered.

If you’re the sole proprietor, you’re responsible for all claims, debts, and duties, so it’s vital to have professional liability insurance to keep your business afloat.

We are a paperless company, so we handle everything by email. You can sign the paperwork easily using your phone or computer through Adobe. It’s very simple, and we can guide you throughout the process.

We work with carriers that can establish a finance option for you to make the payments with an initial deposit + installments.

The majority of the policies that we do are for one year. However, depending on the coverage you’re looking for, some carriers can write a policy for less than that.

Unfortunately, it is not possible. You will need to have some legal documentation. Without this information, it would be complicated for the insurance company to process your claim if you ever needed to make one.

Most of our policies are out the door in a day. Still, depending on the underwriting carrier you’ve been placed with, some policies can be ready in less than an hour. That’s only if the required paperwork is signed, the necessary payments have been processed, and there’s no additional information needed by underwriting.

YES, different states have different laws, and coverage needs to be adjusted accordingly.

It is not mandatory, but having liability coverage and Workers’ Compensation can save your business from financial ruin.

It depends on the claim. The insurance company pays whoever had the covered loss. For example, if you own a roofing business and, during your operations, you accidentally let a hammer fall over a client’s glass table. In that case, if they file a claim against you and you have General Liability Insurance, the insurance company will pay the client for their loss.

A minimum earned premium means you pay a percentage of the policy, and if you cancel, you will get the rest returned. All policies have a minimum earned premium, meaning that if a cancellation goes into effect, the underwriting carrier conducts a pro-rata cancellation. They do this considering the minimum earned premium established, the time consumed by the policy, and the amount of premium paid. That way, they will be able to know if there’ll be any amount of premium in return. Before proceeding with a policy, we recommend you confirm this information with the agent.

Yes, absolutely! It’s very important that you keep us updated on how the business is going, so we can ensure your policy provides proper coverage. The bigger the business, the riskier it gets. You only need to call your agent. Call now.

This depends on the coverage you’re looking for and the carrier underwriting it; we recommend you verify this information with the agent before proceeding. When it is possible, it is very easy to set up, and we would only need the contact information of your mortgage broker/banker to set it up. The check to the insurance company will be sent out of closing.

Insurance companies that understand the unique needs of small businesses can be hard to find. However, finding an insurance agent specializing in small businesses, such as Small Business Liability, is ideal. We have A+ carriers with so much experience and impeccable reputations, to mention a few, Tokio Marine HCC, Dovetail Victor, Nationwide, and Distinguished Programs. We have invaluable customer service support, and our charismatic and well-prepared agents are available 24/7 to assist you.

First, you can fill out our form to get a free quote. Then, we tailor a particular policy for your specific small business. After that, we email you different quotes with the best premiums from the carriers we work with, so you can choose one. Finally, you sign the application for your preferred quote, and we send your Certificate Of Insurance (COI).

You just need to click here and fill out some information about your business, such as:

• Name of Business
• Location
• Brief Description of Business Operations
• Total Sales / Revenue
• Name, email, and phone number of the person filling out the quote.