Every small business needs small business insurance. In fact, many states require it. Can you get by with just general liability insurance or do you need professional liability insurance as well? How much does it cost and where can you get it? Read the following Q&A, and find out.
What Is Small Business Insurance?
Small business insurance covers many different types of companies and professions. While each business faces unique risks, they pretty much all have similar assets – assets that need to be protected from damages resulting from accidents, mistakes, worker’s comp claims, even cyber crime.
How Much Is Small Business Insurance?
The cost of small business insurance depends on type of coverage and business, and number of employees. Sole proprietors will probably pay less than a business with several employees, and, based on risk, general contractors will probably pay more than consultants. Location and claims history also affect rates.
How Much Is Liability Insurance for a Small Business?
Liability insurance for a small business depends on your industry, assets and risks. General liability, which is the minimum coverage you need, ranges from $42 to $65 a month. Business owner’s insurance combines several insurance products, such as property, liability and business disruption and costs $55 to $100 a month.
How to Get Small Business Insurance for Accountants, Lawyers or Financial Advisors
Getting small business insurance for accountants, lawyers or financial advisors is essential to safeguard your firm’s assets, your personal assets and future earnings. That’s why partnering with an insurance provider, like JAISIN, who specializes in professional liability insurance and can help you manage your risks is a good idea.
How to Get Liability Insurance for a Small Business
When you set out to get liability insurance for your small business it’s best to pick a provider who understands the marketplace and insures other businesses. The commercial advisors at JAISIN assess your risks, shop the market for competing quotes from several carriers and negotiate on your behalf.
What Is the Best Liability Insurance for Small Business?
The best liability insurance for small business isn’t the cheapest or the most expensive. It’s the one that provides the exact coverage you need to protect your business, your employees and your future – whether you’re a cargo hauler or an accountant.
Do You Need Small Business Insurance in Florida?
No. Worker’s compensation is the only small business insurance required in Florida. However, accidents, mistakes and security breaches happen and claims against small businesses are rising. Protecting yourself against the high costs of legal defense by having the correct coverage for your particular small business is a smart investment.
All it takes is one accident or one mistake to put you out of business. That’s because defending yourself and your company against a lawsuit not only disrupts your business, it can cost you hundreds of thousands of dollars in legal fees and defense costs – even if you did nothing wrong. Small business insurance – the kind that’s tailored to your specific risks and needs – may be the one thing that stands between you and bankruptcy.
Do not choose your coverage based solely on price. Work with an insurance advisor, like the ones at JAISIN, who specialize in small business insurance. Not only will they find the most comprehensive, cost-effective coverage, they’ll advise you on how to manage your risks to help you remain claim-free.