How to Get Liability Insurance for Your Business: As Easy as 1-2-3

If you own a business, you understand how much work goes into keeping it running. Even when everything goes smoothly, there’s a million things you need to think about – and things don’t always go smoothly.

Lawsuits are common, and even when they are unfounded, the legal costs can damage a business. A study conducted for the Small Business Association found that legal costs for litigation could run anywhere from $3,000 to $150,000. That’s a lot for a small business, and many small business owners responded by cutting operating costs or trying to find new clients or provide new services.

Liability insurance is an essential element of any risk management strategy. Thankfully, while running a business is hard work, getting liability insurance for your business doesn’t have to be. Here’s how to do it in three easy steps.

1. Go to an insurance agency website and enter your zip code.

An insurance agency will be able to provide you with quotes from multiple carriers. This means that you’ll be able to find the most suitable coverage to fit your needs, at the best price available. It also means you’ll be guided by the expertise of a licensed insurance agent who can help you navigate your choices. 

Not all options will be available in your area, so the first step is entering your zip code.

2. Provide a few details about yourself.

Before you can get your quotes, you need to enter a little more information about yourself. This includes your full name and contact information. You also need to give permission for a licensed insurance agent to help you with the next step.

3. Enroll with the help of a licensed insurance agent.

Once your basic information has been provided, a licensed insurance agent can guide you through the enrollment process. There may be additional questions at this point, but the agent will help you understand how to proceed.

While enrolling in insurance can be easy with the right expertise, commercial liability insurance is far from simple. There are different types of coverage, including commercial auto insurance, commercial general liability insurance, employment practices liability insurance, professional liability insurance and umbrella coverage. Depending on the type of business you run and the risks you encounter, different types of coverages will be recommended. You don’t want to be underinsured or over-insured – a licensed insurance agent can help you find the right balance. 

Comparing policies can also take some expertise. While many people may be tempted to focus on the premiums and select the cheapest option available, this may not always be the best deal. Different insurance policies may provide different levels of coverage. Some may come with multiple exclusions, for example, while others may provide broader coverage. You need to read the policy carefully, and you need to understand what the various clauses mean for you and your business. A licensed insurance agent can provide the expertise you need to understand the pros and cons of each policy, so you can find the best match for your needs.

Do you need liability insurance for your business? Don’t risk a lawsuit that could damage your business. Get a business insurance quote today.

Sources
  • https://www.sba.gov/sites/default/files/files/rs265tot.pdf

  • https://www.sba.gov/business-guide/launch-your-business/get-business-insurance

  • https://www.investopedia.com/terms/l/liability_insurance.asp

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