A Brief Business.com Guide: Business Insurance

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Here’s a guide to some of the most common types of small business insurance and the businesses that can best benefit from each.

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A Brief Business.com Guide: Business Insurance

  1. 1. A Brief Guide: Business Insurance Here’s a guide to some of the most common types of small business insurance and the businesses that can best benefit from each.
  2. 2. A Brief Guide: Business Insurance Table of Contents .01 – Why Invest in Small Business Insurance .02 – Liability Insurance .03 – General/Public Liability Insurance .04 – Product Liability Insurance .05 – Errors and Omissions Insurance .06 – Commercial Vehicle Insurance .07 – Special Events Insurance .08 – Buying Business Insurance
  3. 3. Page .01 A Brief Guide: Business Insurance © 2013 Business.com Media, Inc. All Right Reserved. Why Invest in Business Insurance? Small business owners have a lot to manage, including insurance. Not having the right insurance places your business at risk. Every business needs some type of insurance to have their bases covered in protecting their assets. What This Guide Covers: some of the most common types of small business insurance and the businesses that can best benefit from each, including: • Liability Insurance • Errors and Omissions Insurance • Commercial Vehicle Insurance
  4. 4. Liability Insurance Page .02 A Brief Guide: Business Insurance © 2013 Business.com Media, Inc. All Right Reserved.
  5. 5. Page .03 A Brief Guide: Business Insurance © 2013 Business.com Media, Inc. All Right Reserved. General/Public Liability Insurance Public Liability Insurance Will pay out in the event that a person and/or their property is damaged and it is deemed to be at the fault of your business. General liability tends to provide more coverage than public liability. Who Needs It? Those with the greatest risk exposure are occupiers of premises where third parties frequent at leisure including shopping centers and retail stores, pubs, clubs, theaters, sporting venues, markets, hotels and resorts. Most business should have a general liability policy.
  6. 6. Product liability insurance protects against financial loss as a result of a defect product that causes injury or bodily harm. Who Needs It? Companies that manufacture, wholesale, distribute, and retail a product may be liable for its safety and need to consider investing in a policy of this type. Page .04 A Brief Guide: Business Insurance © 2013 Business.com Media, Inc. All Right Reserved. Product Liability Insurance
  7. 7. 40% of small businesses have no insurance because they are cash constrained. - Insurance Information Institute Page .05 A Brief Guide: Business Insurance © 2013 Business.com Media, Inc. All Right Reserved. Professional Liability Insurance This type of insurance is sometimes called professional liability insurance. E&O Policies Errors and Omissions (E&O) policies offer insurance coverage for lawsuits arising from rendering negligent professional services, failing to perform professional duties, errors or malpractice. Who Needs It? Lawyers, accountants, architects and IT companies or any company/individual providing a service to a client for a fee, such as an SEO agency. Errors and Omissions Insurance
  8. 8. Commercial Vehicle Insurance Covers: Commercial vehicle insurance covers your business in the event of an accident when you are driving for business reasons and can protect business owners when an employee is involved in an auto accident while on the clock. Who Needs It? Businesses that employs drivers for delivery or transportation purposes―such as a shuttle service or food delivery business―will likely be required by the state to carry a certain amount of this type of insurance. If your business has vehicles used for company purposes, you need commercial auto insurance. When evaluating commercial auto insurance providers, take a look at: price, policy offerings, billing and payment, and claims processing procedures. Page .06 A Brief Guide: Business Insurance © 2013 Business.com Media, Inc. All Right Reserved. Commercial Vehicle Insurance
  9. 9. Page .07 A Brief Guide: Business Insurance © 2013 Business.com Media, Inc. All Right Reserved. Special Events Insurance Event Insurance Can Prevent: Event insurance can prevent your business from losing money in non- refundable deposits if you have to cancel or postpone your event – and protect you from expensive liability lawsuits if an accident should happen at your event or business function. Who Needs It: If your business is hosting a dinner, off- site meeting, corporate party, fundraising event or a non-profit function, special events insurance can be an added security measure to protect your business.
  10. 10. Buying insurance for your business isn’t something you should take lightly. It’s a big investment that requires plenty of research as well as price and quote comparison. Before you sign on a dotted line, be sure to: » Assess Your Risks » Compare Quotes » Review and Re-Evaluate Assess Your Risks. Talk to an insurance specialist to see where your business may be exposed to risk and what policies are the best fit. Compare Quotes. Shop around to see where you can find the best coverage at the best rate. Be sure to watch out for low-ball bids as coverage could be sub-par. Review and Re-Evaluate Shop around to see where you can find the best coverage at the best rate. Be sure to watch out for low-ball bids as coverage could be sub-par. Visit Business.com for more information about business insurance. Simply put, our mission is to help people grow their businesses. This is why over 20 million buyers from small-to-medium enterprises turn to Business.com every year to discover, compare, and purchase the products and services they need to run and grow their businesses. It's also why over 10,000 advertisers use Business.com to reach these valuable buyers, generating well over $1 billion in incremental annual revenues. Page .08 A Brief Guide: Business Insurance © 2013 Business.com Media, Inc. All Right Reserved. Buying Business Insurance

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