What kinds of small business insurance should you consider?
Most small businesses start off with a general liability policy to cover injuries to anyone on their premises (whether employee or customer) or to pay out for injury or property damaged caused by anyone working for the business. There are separate policies if you are offering professional services as an attorney, accountant, and so on.
If you are a product designer or manufacturer, you should have product liability cover to protect if one of your products causes property damage, personal injury or death. When negotiating this cover, you will need to disclose the safety features designed into the product or the manufacturing processes. The more you have safety systems in place, the lower the likely premium.
Finally, there have been an increasing number of state and federal laws to regulate businesses and the way they are run. It can be quite difficult to keep pace. It can be quite easy to overlook something when dealing with terminations, and allegations of harassment and discrimination. When your partners, associates and employees may all make claims against the business, you should consider employment practices liability cover.
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