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Best quote for liability insurance for a small business

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In this article, we are going to find out the best quote for liability insurance for a small business.

Best quote for liability insurance for a small business

General Liability Insurance is the basic protection for claims against your business. In this article, we are going to find out the best quote for liability insurance for a small business.

And more on that we will find out why small business insurance is vital for your business and compare quotes from top-rated carriers.

What is General Liability Insurance?

General Liability (GL) insurance, sometimes called small business liability insurance or commercial liability insurance, provides insurance coverage for your business against claims made by others including bodily injury, damage to property, or personal injury.

A general liability coverage could pay for medical expenses if a visitor is hurt while at your place of business. If you are found to be at fault for causing damage to someone else's property, you may be reimbursed for the cost of repair or replacement. Additionally, the expenditures incurred might be paid if someone's reputation was harmed due to something you or an employee said or wrote about them.

Best quote for liability insurance for a small business
liability insurance for a small business.


Why do I need General Liability Insurance?

As a small business owner, you may be legally responsible if another person gets hurt or if their property is damaged while at your business or because of something you did. Make sure your business is properly protected against risks. And how to do that is to find the best quote for liability insurance for a small business

You should consider general liability insurance coverage if you or your employees:

1. Interact with clients face to face

If you visit a client’s place of work, or clients visit yours, there is always the possibility someone could get hurt and require medical treatment.

2. Have access to customer’s property

If a customer’s property is damaged at your location or at a job site, general liability insurance could cover the cost to repair or replace it.

3. Use advertising to market your company

If you promote your company and accidentally use wording that is under copyright or trademark, general liability insurance could cover you if a claim occurs.

4. Use third-party locations for business-related activities

If someone (other than you or an employee) is injured on a job site where you are responsible, general liability insurance could cover their medical costs.

5. Require coverage in order to be considered for a project

If you propose or bid on certain contracts, liability insurance could be a condition of the contract award.

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What does general liability insurance cover?

General liability insurance can pay to investigate and defend claims, along with paying for damages, if you're held responsible for things like:

1. Bodily injury

Your workplace probably has slip-and-fall hazards.

Should a customer injure themselves while paying you a visit, you could be liable for their medical expenses and other damages.

2. Property damage

Maybe you visit your clients’ homes to perform your services.

Should you accidentally damage their property while you’re on site, you could be responsible for repairs or replacements.

3. Personal and advertising injury

Part of your job is advertising your company to grow the business. Should a competitor claim that your ad damaged their reputation, you could be liable for defamation.

How much does General Liability Insurance cost?

The quote for liability insurance for a small business coverage varies based on the size of your business, the industry you are in, your location, and the amount of coverage you need.

General liability insurance typically costs $30 a month or less based on a survey performed on 50,000 small business owners. 

According to the survey, 95% of the surveyed small business owners pay less than $50 per month for general liability insurance, and just 1% of small businesses pay more than $100 per month. 

Yearly quote for liability insurance for a small business

$780 is the average annual cost that most small business owners are paying for a general liability small business insurance policy. 

Some 48% of them pay between $300 - $600 a year averaging around $504 a year and about 17% pay less than $300 per year for a policy.

There are many reasons that factor into the end cost of general liability insurance.

Lets look at an Examples of general liability costs by profession and location below.

Yearly quote for liability insurance for a small business
Yearly quote for liability insurance for a small business.

Factors that influence the cost of general liability insurance

The location and industry of your business plays a factor in the cost of your general liability insurance policy. If you do business in an area where the risk is greater, you may be able to manage the cost of a general liability insurance policy by adjusting your limits to reflect your actual need. 

Other factors that can impact the cost of a general liability policy are costs of payroll and annual revenue.

For instance, two companies could have the same monthly payment, but they are different sizes, in different locations, and have different limits. 

However, before you buy anything first look out for the suitable quote for liability insurance for a small business that fits your small business.

Professional Liability Insurance for Small Businesses

Professional liability insurance, also called errors and omissions insurance, protects small businesses against the costs of client lawsuits over unsatisfactory work.

A customer could sue you because you did something you shouldn’t have, or you didn’t do something you should have, in the course of providing professional services. A professional liability insurance policy could protect you by covering the cost to defend yourself, as well as any settlement or judgment.

Why do I need Professional Liability Insurance?

Professional liability insurance coverage gives your business protection from the risks you face in delivering your professional services. The section below discusses everything our professional liability insurance coverage offers since we want you to feel secure about what your policy does and doesn’t cover. 

You should consider professional liability insurance coverage if your business:

1. provides a professional service.

2. regularly gives advice to clients.

3. is requested by a client to have professional liability insurance to complete a contract.

Frequently Asked Questions: quote for liability insurance for a small business.

How much is small business insurance per month?

The average cost of small business insurance per month will depend on the type of policy you purchase.  

The average cost of each policy type is below: 

  • Workers' Compensation - $68/month
  • Business Owners' Policy (BOP) - $62/month
  • General Liability - $46/month
  • Professional Liability - $42/month

What type of insurance should a small business have?

A small business should at least have coverage for general liability, professional liability and things like workers comp.  The best place to start is probably a Business Owners Policy (BOP).

How do I calculate a general liability insurance premium?

There are several factors that can influence the cost of a general liability insurance premium, many of which relate to the likelihood that a claim might be made. These factors include business size, location and industry, as well as things like turnover and what coverage you’ve opted to include or not to include in your policy. Insurance premiums also depend on the type of work your business conducts, which is why it's essential to get an accurate and tailored quote for liability insurance for a small business

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KIDIGITALI - Freelancing and Digital Marketing: Best quote for liability insurance for a small business
Best quote for liability insurance for a small business
In this article, we are going to find out the best quote for liability insurance for a small business.
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