No matter what kind of industry a company is involved in: there is always the possibility of being held responsible for some incident or another, especially in this lawsuit-crazed society. You never know what kind of claim your business could face, whether it’s due to alleged negligence or misconduct. Depending on where you live, you may be required to have at least basic commercial liability insurance.
There are different levels of commercial general liability and you need to learn the difference between incident policies and claims policies. The first covers claims as long as the events related to the claim occurred during a specified period of time. The latter provides coverage for a specified period of time, EVEN IF the event occurred prior to the purchase of that coverage.
Some insurance companies offer commercial policies that cover specific types of liabilities depending on the industry. If you’re a technology consultant, for example, and you don’t have a lot of physical property, you’ll want electronic data protection as part of your policy. For some professionals and technology companies, electronic data is even more valuable than infrastructure or office furniture.
Free quotes and consultations are available to help you get the best (and most affordable) commercial business liability insurance possible. The quote will vary depending on the type of industry in which you are involved, the size of the company, the location, the state, the history of previous claims and other factors. It is important that you take the time to fully assess your risk exposure and then purchase a policy that will best protect you, as coverage may be limited to a specific dollar amount for the specific policy period.
Commercial Business Liability Insurance for IT Professionals
Even if you’re an IT professional and don’t use your own equipment, but do have access to your customers’ equipment, you may want to consider liability insurance to protect you in the event you accidentally damage equipment or are charged with any losses with regarding the team.
On the other hand, if you own a business and have a few employees, most states require you to have some type of workers’ compensation policy. The minimum number of employees varies by state. This type of policy protects employees if they become sick or injured on the job. Generally, it does NOT cover non-traditional employees, such as volunteers or interns.
For those involved in the advertising, marketing, and journalism industries, there are copyright infringement, defamation, slander, etc. to worry about. Some business insurance policies cover this.
Once again, you need to look for a quote that covers the type of coverage you need for your specific business and industry. The best place to start looking for the right commercial business liability insurance the package is with Hiscox. In addition to great custom policies, Hiscox Insurance offers the tools and advice to help you make your decision.
