business risk management Archives

What is Workers’ Compensation Insurance?

Workers’ compensation insurance, also known as “workers’ comp,” is a legally required (all states except Texas) type of insurance policy that pays benefits to your employees in the event that they are injured on the job. It functions as a disability insurance fund, providing monetary compensation, healthcare benefits, or both, to employees. Workers’ compensation guidelines vary by state, so check out our workers’ compensation state pages to find out how your state handles workers’ comp regulations.

How Workers’ Compensation Works

The majority of workers’ compensation policies are funded by premiums the insurance carrier collects from you as the business owner. When disagreements arise, the Workers’ Compensation Board, the state entity that manages the program, steps in to handle them.

There are different types of workers’ comp, depending on your industry, with some policies administered by the government in special cases. For example, government employees, longshore and harbor workers, and energy workers are all covered by federal workers’ compensation programs. And for coal miners and their families, the Black Lung Program administers death and disability benefits.

Benefits of Workers’ Compensation

Workers’ compensation benefits may include a portion of lost wages for the time your employee was unable to work. Reimbursement for medical services and occupational therapy may also be paid to your injured employee.

Salary Replacement

In most cases, a workers’ compensation applicant will get some replacement for their lost wages. But it will usually be less than their full pay. The majority of policies cover roughly two-thirds of the beneficiary’s gross pay. Although the payout is often not taxable at the state or federal levels, recipients who receive money from the Supplemental Security Income or Social Security Disability programs may have to pay taxes on those benefits.

Medical Expenses

Workers’ compensation insurance also offers coverage for medical costs associated with an illness or accidents sustained at work. This may include trips to the hospital, surgeries, and medication. In the case of workplace-related illnesses or injuries that are so serious that they require multiple treatments, workers’ comp will cover ongoing care. It will also cover repetitive injuries that manifest over time.

It’s important to note that the majority of workers’ compensation policies only cover medical costs for injuries sustained directly as a result of working. A construction worker, for instance, could seek reimbursement for injuries sustained in a fall from scaffolding, but not for those sustained while traveling to the job site.

Disability Coverage

Some workplace accidents could be severe enough to render your employee permanently or temporarily disabled. In this case, your disabled employee may be eligible for benefits under your workers’ compensation policy to assist with paying their medical expenses and to partially make up for lost wages.

Survivor Benefits

Workers’ compensation can help pay for funeral costs, as well as pay survivor benefits to your employee’s dependents if your employee passes away as a result of a work-related incident.

Types of Workers’ Compensation

Each state is responsible for enforcing workers’ comp laws. There are no federal standards for this type of insurance, so depending on your location, the same injuries may result in radically different types of compensation.

But, when it comes to policy types, there are two types of workers’ compensation policies you can buy for your staff:

Coverage A – This type of policy includes all of the basic state-mandated benefits that an injured or ill employee is entitled to. In addition to salary replacement payments, it also includes any necessary medical treatment, rehabilitation, and death benefits. These benefits are available in every state, with the exception of Texas. Although the payouts vary greatly from state-to-state and are not always available to all employees.
Coverage B – This type of policy provides benefits over the basic minimum required, as offered by Coverage A. With coverage B though, employees are typically only compensated following the employee’s successful lawsuit alleging negligence or other wrongdoing.

In most states employees forfeit their right to hold their employer accountable for negligence by agreeing to receive workers’ compensation. The goal of this wage agreement is to safeguard both employees and employers. In exchange for assurance of payment, workers forgo additional recourse, and employers accept some liability in order to avoid the possibly higher costs of a negligence action.

Even though employees who receive workers’ compensation typically consent to a “no-fault” contract by giving up their right to sue their employers, state legislation and court decisions in certain jurisdictions have restored employees’ abilities to file lawsuits in a number of strictly limited situations. So, depending on where your business is located, you may decide to buy insurance that combines Coverage A and Coverage B.

Who Is Covered by Workers’ Compensation Insurance?

Who must be covered by workers’ compensation insurance depends on a number of factors—the size of your company, and the types of employees you have. For example, in some states, a company must have a certain minimum number of workers before it is required to have workers’ compensation insurance. And, while regulations vary by state, in the majority of states, all full-time employees are required to be covered by workers’ compensation insurance. Workers’ compensation regulations for independent contractors, temporary employees, and interns vary by state.

The industry you work in also makes a difference. For example, in certain states, coverage for workers’ compensation is not necessary for:

Farmhands
Insurance agents
Family members under a certain age
Casual workers
Business owners and partners
Real estate agents

Additionally, employees of the federal government are not protected by state-mandated workers’ compensation insurance. They are instead covered by federal workers’ compensation.

You should be familiar with the workers’ compensation regulations in your state, because these exceptions do not apply in every state.

The Cost of Workers’ Compensation

Workers’ comp insurance premiums are generally set based on every $100 of your company’s payroll. Even so, it’s difficult to pinpoint an exact price without evaluating the different factors for your specific company. On average you can expect to pay anywhere from $0.60 to $2.27 per every $100 on your payroll.

To understand how the cost of your workers’ compensation insurance will be determined, you need to understand a few basic components of the equation:

Payroll

Every workers’ compensation insurance rate is calculated by dividing your payroll by $100. That means the more employees you have, the higher your rate will be. It’s important to keep in mind, though, that you’ll need coverage in some states as soon as you have a single employee, while in others you won’t need it unless you have three or more employees.

Depending on the regulations of your state, you might have employees who do not have to have coverage. For instance, you are probably not required to obtain workers’ compensation for yourself as the business owner. The same often holds true for company executives and limited liability company (LLC) members.

Workers’ Compensation Industry Classification

Certain industries pose higher risks than others. For example, someone working on oil rigs have a substantially higher risk of serious injury than an office worker. Workers in some professions, including contracting and building, run an increased risk. Which drives up the cost of insurance for those people.

States provide a class code for each type of industry. And each code is then given a base rate based on its risk for injury. 38 states employ class codes that were created by the NCCI. Others make use of independent rating agencies, while some have developed their own systems.

Employee Modification Rate

The EMR is a multiplier that represents the history of your claims. Your state workers’ compensation board or its ratings bureau compares your prior workers’ compensation claims to those of businesses in your industry to determine your EMR. Businesses with lower EMRs often pay less for their workers’ compensation insurance, with the typical range of EMRs being 0.75 to 1.25.

State Insurance Factors

Workers’ compensation insurance premiums vary from state-to-state because state laws regulate coverage. The cost of workers’ compensation will most certainly be higher in a state that provides higher or more payments to injured workers, or in a state with a lot of high-risk industries.

Several states though, give employers discounts if they take steps to increase safety and decrease claims. For instance, many state governments offer discounts for setting up safety committees, fall prevention programs, and drug-free workplaces.

Insurance Carriers

While most of the above factors are out of your control, you can still find the best price for your business by shopping around among different insurance carriers. Although this isn’t a universal rule, some workers’ compensation insurance carriers charge higher premiums than others.

The Calculations

The basic formula for estimating workers’ compensation costs takes into account your industry, past claims, and total payroll. The basic formula is your annual employee payroll divided by 100. That sum is then multiplied by the workers comp insurance rate. That total is the estimated cost of your workers compensation premiums.

There are many moving parts in the precise formulas that insurers use to compute your workers’ compensation premium, and the methods they use to do so can differ from one insurer to another. Additionally, these formulas are based on your state-specific workers’ compensation regulations.

You should also take into account that there will be an option to pay your premium annually or monthly. This decision can also affect your price.

You should also consider any adjustments that might be made to your payroll during the year, including changes in your number of employees, your business class code, and your workers’ compensation rate, in order to choose the appropriate payment method for your company.

How to Save on Workers’ Compensation Insurance

The best way to make sure you can get affordable workers’ compensation insurance rates is to reduce the number and cost of your workers’ compensation claims.

You won’t have many options for cost-cutting when an employee submits a claim. To avoid having to pay large premiums in the future, you must put your plans in place as soon as possible.

You should think about implementing the following steps, which could be beneficial to both your company and your employees:

Return to Work Programs

Return to work programs help you get your employees back to work as soon as they are healthy enough.

A return-to-work program might help an employee ease back into their old responsibilities gradually, rather than having to wait until they’re fully recover to handle them. Until they are able to return to their regular tasks, the employee may perform light or modified work.

As part of this program, your employee can receive new training in a different skill set in order to earn their regular pay, instead of the lower rate provided as part of their workers’ compensation claim.

The advantage of this program is that you save money on wages given to any temporary workers you would have had to recruit to cover for your injured employee while they were recovering.

Work Safety Initiatives

The easiest way to reduce the price of workers’ compensation insurance is to avoid work-related illnesses and injuries as much as possible.

To motivate your employees to maintain a safe workplace and lower injury risks, be proactive about encouraging workplace safety measures. Here are some actions you can take to encourage a safer workplace:

Conduct regular safety training – Reaffirm best practices for conduct and safety, and keep on top of employee training for things like equipment usage.
Create a welcoming environment with an open door policy – It should be easy for your employees to approach you with questions about their safety. Remind them to visit you if they want to discuss workplace safety. Pay attention to their concerns, then take appropriate steps to reduce the risks and guarantee the safety of your staff.
Be open and honest about workers’ compensation benefits – When you hire new employees, you should tell them about your company’s policies on workers’ compensation. To remind current employees how workers’ compensation works if they are hurt on the job, arrange an employee benefits refresher.

Your team will feel more at ease and valued if you communicate openly and honestly about the policies you have in place to safeguard and promote their safety.

FAQs

Who pays workers’ compensation premiums?

By law, you as the employer pay the workers’ compensation premium. You can not deduct workers’ compensation payments through your employee’s paycheck.

Who is exempt from workers’ compensation?

Most of the time, only your employees can get workers’ compensation. Contractors or freelancers are almost never included in your plan. Aside from that each state makes its own laws. Arkansas, for example, does not require farm workers or real estate agents to have workers’ compensation.

How many employees do I need to get workers’ compensation insurance?

Every state has different requirements for workers’ compensation. Some states have you get coverage with even 1 employee while others require 3 or more.

Get Workers’ Compensation Coverage with EZ.Insure!

Workers’ compensation insurance exists to safeguard both your company and your employees. At EZ.Insure our experienced representatives are here to answer any additional questions you may have about the specifics of workers’ compensation in your state or industry. To get a free, no-obligation quote simply enter your ZIP code below or give us a call at (855)-694-0047.

If you’re a small business owner, there are probably a lot of things that worry you. One of them might be the amount of liability insurance you should have, since facing a major lawsuit could mean losing everything you’ve worked for. This of course, is the worst-case scenario but even so, it’s better safe than sorry – and this situation is entirely avoidable with an umbrella liability and/or excess liability insurance policy

What is Umbrella Liability Insurance?
What Does an Umbrella Liability Policy Cover?
What Doesn’t Umbrella Liability Insurance Cover?
Who Needs an Umbrella Liability Policy?
The Cost of Umbrella Liability Policies
How Much Umbrella Liability Coverage Do I Need?
The Difference Between Umbrella Liability and Excess Liability
FAQs
Get Business Insurance Today with EZ.Insure

What is Umbrella Liability Insurance?

Umbrella liability insurance is a type of coverage policy that works by extending the limits of multiple existing liability policies including general liability, professional liability auto liability and employer liability insurance. In addition to increasing current policies limits, umbrella liability also helps by filling in coverage gaps by covering some claims that primary policy might exclude.

So, if your business faces a lawsuit and you are liable for damages that are greater than the limits of your commercial insurance policy, an umbrella policy will help you to pay the remaining amount. That means you won’t have to sell any of your assets or use any of your savings to pay the additional expenses out-of-pocket.

It’s important to note that umbrella policies are supplemental coverage, meaning you can’t purchase one without first having primary liability insurance.

What Does an Umbrella Liability Policy Cover?

Commercial umbrella liability policies work pretty much the same as traditional commercial liability policies. It also provides protection against the same types of risks. To be more specific, an umbrella insurance policy will give you supplemental coverage for the following:

Slip and fall injuries – If you have general liability insurance and also purchase commercial umbrella insurance. Your supplemental policy will cover any excess legal costs in the event that a third party sustains an injury on your company’s property.
Third party property damage – The addition of commercial umbrella insurance to a general liability policy will help to pay legal fees associated with the destruction or damage of third-party properties.
Car accidents – If you have a commercial auto insurance policy or a policy that covers hired and non-owned vehicles. Adding commercial umbrella insurance to those policies can help cover costs in the event that someone sues you for damages caused by one of your vehicles.
Employee injury lawsuits – Having an umbrella policy on top of employers liability insurance (which is typically included in workers’ compensation insurance) will help pay for employee lawsuits brought on by work-related injuries caused by employer negligence.

What Doesn’t Umbrella Liability Insurance Cover?

Although umbrella insurance can increase the liability limits of several other policies, it does not offer the complete safety net that a small business may require. Umbrella policies do not cover the following:

Damages within the primary policy’s limits – Umbrella liability insurance does not kick in until the limits of the primary policy have been exhausted. As with any insurance, it only covers things up to the policy’s maximum.
Business property damage – Damage to your company’s property due to things like fire, theft, or certain types of weather can be covered by the commercial property insurance included in a business owner’s policy (BOP) or commercial package policy (CPP). Umbrella policies are extensions of existing liability insurance and you cannot buy them separately for property.
Professional errors – Malpractice insurance, also known as errors and omissions insurance (E&O) or professional liability insurance, protects professionals from legal action stemming from their own negligence or those of their clients. Excess liability insurance, also known as excess E&O insurance, is very similar to umbrella insurance. You can use it to increase the limits of this type of policy. But umbrella liability insurance will not cover this type of negligence.
Employee theft – If you want to protect your company financially from employee theft or fraud against customers or clients. You’ll need commercial crime insurance, also known as a fidelity bond.

Who Needs an Umbrella Liability Policy?

In general, the more face-to-face interaction your business has with your clients and customers, the greater your liability risks. In addition, if your employees are using dangerous equipment or heavy machinery, your business faces even more risks.

If the above is true for you, and you believe that the cost of a claim could exceed your liability limits, purchasing commercial umbrella insurance is something you should seriously consider doing. This coverage may be of useful for your business if:

You’re a general contractor and your client needs more coverage – Umbrella insurance is a stopgap measure for contracts worth more than $2 million. If you’re a general contractor, and your existing general liability policy has a $2 million per-occurrence limit, but your client contract requires a $5 million per-occurrence limit. You would add an umbrella policy with a $3 million per-occurrence limit.
You’re in contact with the public – The possibility of a customer sustaining a physical injury is increased when your establishment is open to the public. For instance, during business hours, wholesalers frequently use various pieces of machinery to restock the shelves of their warehouses. When using this kind of machinery in the presence of customers, there is a risk of injury. If someone gets hurt while on your property, you could be liable for expensive medical bills and lawsuits that exceed the limits of your general liability insurance.
You do work off site – Working away from the physical location of your company can also increase the liability risk it faces. For instance, if your employees are performing work at the residence of one of your customers, there is an increased possibility of property damage.

The Cost of Umbrella Liability Policies

The range of umbrella insurance policies available is very broad, with a significant gap between the lowest and highest limits of coverage. This makes sense, since no two businesses share the same set of risks. There are businesses that choose to purchase $1 million in supplemental coverage, and businesses that might even choose to purchase $100 million or more in coverage. The amount of coverage you choose, as well as other factors related to the type of business you run, the amount of employees you have, and your annual revenue, will determine how much an umbrella policy will cost you.

With that being said, prices can vary widely even between seemingly identical businesses. And keep in mind that without knowing your business, we can’t give you exact quotes, so speak to an EZ agent to find out what you can expect to pay. But to give an example, let’s say your small business is looking for $1 million in coverage. With a $1 million policy, the highest premium costs average around $208 a month, or $2,500 for the year. Generally businesses with higher risks pay the most in premiums; this typically includes doctors, lawyers, and construction companies. On the opposite end of the spectrum, for less risky businesses such as cleaning services, you would pay around $33 a month. Or $400 for the year.

How Much Umbrella Liability Coverage Do I Need?

If you have a business that is contracted out by clients, and you have a contract with a client that requires a liability limit higher than $2 million, you will typically purchase an umbrella policy to meet that limit. It’s not unusual to see contracts worth $5 million or more. In that case, you buy a $3 million umbrella policy in addition to a $2 million primary policy. Otherwise, the amount of coverage you choose should be tailored to the specifics of your business and its industry.

Keep these three things in mind as you browse umbrella insurance quotes:

Your coverage should match your assets – To have enough coverage, your coverage needs to match your assets. So, if your entire company’s net worth is $1 million, that’s how much coverage you need.
Umbrella liability starts at a minimum of $1 million – You cannot purchase an umbrella liability policy with a coverage limit of less than this amount.
Umbrella liability coverage comes in increments of $1 million – You can only increase your liability coverage in increments of $1 million, allowing you to acquire precisely the amount of protection you need.

The Difference Between Umbrella Liability and Excess Liability

There is a common misunderstanding that commercial umbrella insurance and excess liability insurance are the same thing. You can purchase excess liability insurance to supplement your existing liability insurance policy. Your supplemental plan will only provide extra coverage to the specific plan you purchase it for, unlike umbrella liability insurance which can provide you with added coverage for multiple types of liability coverage.

For example, if you buy excess liability for your general liability policy, it will only provide extra coverage for your general liability claim. On the other hand, if you purchase an umbrella policy, you will have extra coverage for all of your other liability policies in one supplemental policy.

FAQs

What are the disadvantages of umbrella insurance?

While umbrella insurance is a great way to supplement your current liability insurance it comes with some downfalls. These include the fact that adding an umbrella policy onto your current policy will increase your insurance premiums. Additionally, sometimes it’s required to increase the limits of your existing liability policy in order to qualify for umbrella insurance.

Do I need umbrella liability insurance if I already have high coverage limits on my policies?

Even if you already have high coverage limits on your existing liability policies, large lawsuits or claims can exceed your policy maximum limit. Umbrella insurance provides extra protection beyond your current policy limits, helping to pay for legal expenses, settlements and judgments, even if they are very expensive.

Can I use excess liability insurance to cover multiple policies?

No, unlike umbrella insurance, excess liability simply extends the coverage of one specific policy. If you have multiple liability policies that you wish to extend, it’s worth looking into an umbrella liability policy instead.

Get Business Insurance Today with EZ.Insure

Get in touch with an EZ agent if you want to compare commercial insurance policies and prices quickly and easily. If you need assistance making sure your business has enough coverage, our agents are available to assist you at no cost. We’ll take a look at your long-term financial plans and insurance requirements, then recommend the best policies for you.

To get started enter your zip code in the box below to get a free instant quote, or give us a call at 855-694-0037 to speak with a live agent.

What is General Liability Insurance?
What Does General Liability Cover?
The Benefits of General Liability Coverage for Small Businesses
The Cost of General Liability for Small Businesses
FAQs
Why Your Business Should Have General Liability Coverage
Get General Liability Insurance with EZ.Insure!

What is General Liability Insurance?

General liability insurance is important to have because it covers a wide range of common business hazards including, customer injury, customer property damage, and advertising injury. Additionally, general liability coverage is usually needed in order to qualify for a lease, loan, or to satisfy the terms of certain contracts. When you sign a commercial lease, for instance, a landlord can request to see a copy of your general liability insurance certificate.

What Does General Liability Cover?

General liability insurance covers common liability claims made by third parties (people outside your business). If someone sues your business for physical harm, property damage, or advertising injury, this type of commercial insurance policy will pay for the defense costs. This includes everything from hiring a lawyer to paying for court-ordered judgements and settlements. Your commercial general liability (CGL) policy specifically offers protection for:

Third-party bodily injury – General liability insurance can assist in covering medical costs if a customer is injured in an accident at your place of business. If a customer files a lawsuit because of their injury, your policy will also pay your legal fees.
Third-party property damage – A general liability insurance policy will generally provide financial coverage in the event that your business or one of your employees unintentionally destroys or damages someone else’s property.
Product liability – Not all consumer or property damage takes place inside of a place of business. A company that produces, sells, or distributes goods may be held liable for any damage their products cause. The damage could be to people or property. Product liability insurance is a common feature of commercial general liability (CGL) policies, and aids in covering legal fees and other financial damages brought on by defective goods, incorrectly labeled products that cause harm to consumers, and other product risks.
Personal and advertising injuries – General liability insurance can assist in covering the costs of your legal defense, as well as any settlement or judgment that may be reached, in the event that you or your employee is sued for slander, libel, or copyright infringement.

What Doesn’t General Liability Cover?

On the other hand, there are several things a general liability policy won’t cover, so you will need to purchase other insurance policies to fully cover your business. The list of things that general liability will not cover includes:

Professional errors – Legal actions arising from professional errors, such as unfulfilled services and missed deadlines, aren’t covered by general liability, but should be covered by professional liability insurance, aka errors and omissions insurance (E&O).
Employee injuries – When an employee is hurt at work, their medical bills and disability payments are covered by workers’ compensation insurance, not general liability. In most states, any business with employees is required to have workers’ comp. For more information on workers’ compensation insurance, check out our workers’ compensation state-by-state pages.
Lost or damaged property – General liability will not cover lost, stolen, or damaged property, but you can bundle general liability with commercial property insurance in a business owner’s policy (BOP) and get coverage for the cost of replacing company property. Commercial property insurance also covers damage to commercial property caused by a fire or specific weather conditions.
Employee discrimination lawsuits – Employee claims of harassment, discrimination, and wrongful termination will not be covered by general liability but should be covered by employment practices liability insurance (EPLI), which also pays court costs.
Company vehicles – Business use is almost always excluded from personal auto insurance policies. The majority of states mandate that commercial auto insurance be carried on any vehicles owned by businesses.
Liquor Liability – Legal expenses resulting from situations involving customers who drank at your establishment are covered by liquor liability insurance. This can include reckless driving, physical violence, and vandalism. Businesses that serve alcohol must have this policy. You can either buy it alone or combine it with your general liability policy.

The Benefits of General Liability Coverage for Small Businesses

The majority of businesses need this insurance, particularly if they rent or own office or commercial space. And even if that doesn’t apply to you, small businesses that interact directly with clients and consumers will also benefit from general liability insurance, since this type of policy can keep your business alive if you’re sued by a client or competitor.

And it’s not just small business owners who should consider general liability insurance: independent contractors also benefit from general liability coverage. Independent contractors may be held legally responsible for customer accidents, customer property damage, or advertising injuries, just like any other small business owner, even if they don’t have a physical site or expensive equipment that would require a full business owner’s policy with commercial property insurance.

If you’re an independent contractor, you can also ask your clients to add you to their general liability policies as an additional insured if you don’t want to buy your own general liability coverage. As long as you continue to work for the client who purchased your insurance, you are covered. Remember that if your clients add you to their general liability policies, they may pay a higher insurance premium, and that your insurance coverage will terminate when the contract expires.

How Much Does General Liability Cost for Small Businesses?

According to a recent Hiscox survey, the average monthly cost of a commercial general liability policy is $30. According to the report, only 1% of business owners pay more than $100 each month. And 95% pay less than $50. The cost generally varies based on five factors:

Policy terms – Your general liability insurance premium is impacted by the policy’s coverage limits, deductibles, and other specifics.
Your expenses – The higher your operating expenses, the higher your premium.
Building size – Larger structures increase the likelihood of accidents occurring. Therefore, you might pay more if your business is located in a bigger building with higher foot traffic.
Location – Businesses that are located in high-crime areas may have to pay more for liability insurance.
Claims history – If you’ve previously made general liability claims, your premiums can go up. The more claims you’ve made, the higher your premiums.

Frequently Asked Questions

Does the law require small businesses to have general liability insurance?

Generally speaking, no, but particular businesses, including those in the cannabis and construction industries, may be subject to state mandates. You might also be required to have this type of insurance in order to apply for a professional license in your state, depending on the nature of your business. But it’s important to note that, although commercial general liability (CGL) insurance isn’t normally required by law, your landlord, mortgage lender, business partners, or clients may nonetheless require it.

An ACORD certificate of insurance may be requested by a landlord or client to verify your company’s general liability insurance coverage. This document attests to your company’s capacity to manage any claims for property damage or personal harm. This certificate most importantly gives your property manager, bank, and clients peace of mind that they won’t be forced to foot the bill for a lawsuit against your business.

How much coverage do I need?

You’ll need to make sure your general liability coverage satisfies the necessary policy limits if you need to comply with the conditions of a contract or lease. In any case, you should aim for a level of coverage that corresponds to your company’s needs. Essentially, if you want to be sure that your coverage will cover legal expenses if you are sued. To evaluate your exposures and risk of financial loss, take into account the size of your business, the number of employees, and its business processes.

To give you a better idea of specific figures, most businesses choose a policy limitation of $1 million per incident and $2 million total. This means that the policy will pay up to $1 million to cover a single claim, with a lifetime (usually annual) limit of $2 million. With commercial umbrella insurance, you can expand your general liability insurance coverage if your company faces significant risks. And with umbrella insurance, your maximum policy limit is higher, allowing your insurance carrier to cover more expensive claims. With all that being said, you also need to make sure you can easily afford the deductible for your policy. In an emergency, your insurance won’t kick in to pay for your liability claim if you can’t afford to meet your deductible.

What differentiates general liability insurance from professional liability insurance?

Customer injuries, customer property damage, and advertising injuries are all covered by general liability. Disputes over the quality of professional services are covered by professional liability insurance. Almost all businesses require general liability insurance. But those that offer professional services require additional security against errors and dissatisfied customers. This includes professionals like accountants, attorneys, consultants, and insurance agents. All of which who can avoid costly lawsuits relating to the quality of their work thanks to this professional liability insurance.

For certain professions, general liability doesn’t cover libel, slander, and other advertising-related injuries. This includes those in the media and advertising. Instead, these businesses need professional liability insurance, specifically media liability insurance.

What types of businesses benefit from general liability?

The following business categories frequently purchase general liability insurance:

- Small businesses/shops
- Landscaping businesses
- IT consultants
- Real estate agents
- Consultants
- Marketing companies
- Cleaning services
- Independent contractors

Why Your Business Should Have General Liability Coverage

Without general liability insurance, dealing with judgements, settlements, and legal costs can be exceedingly expensive and can bring a company to its knees. Consider this: just an hour with a lawyer can cost more than $100. Additionally, court costs could approach $75,000 if the case goes to trial. But you might still have to shell out a few thousand dollars even if the judge dismissed the case. Your business runs the risk of going bankrupt if you don’t have general liability insurance. Additionally, if you don’t have general liability insurance, you can lose clients. Since they won’t do business with you without the proper protections.

Get General Liability Insurance with EZ.Insure!

Working with an EZ agent is the best way to buy your general liability policy. Our service focuses on each customer and creates a supportive environment throughout the shopping experience. Along with our personalized service, we provide immediate results. You will see your agent’s info, as well as your free quotes based on your needs, as soon as you submit a form. We want to help you make the best decision and maximize your savings. There is no hassle, no obligation to buy, and no more headaches, and it’s all completely free. To get started simply enter your ZIP code below or call one of our agents today at (855)-694-0047.

If you’re a professional who provides a service to clients, like an accountant, attorney, or doctor, you’ll need professional liability insurance. This type of policy protects you from client allegations of negligence and other types of wrongdoing. Your general liability insurance policy does not provide protections against claims resulting from carelessness, malpractice, mistakes, or misrepresentation, so for professionals in fields like yours, this kind of insurance is a must.

How Professional Liability Works
What Does Professional Liability Cover?
What Isn’t Covered?
The Cost of Professional Liability Insurance
Ways to Save on Professional Liability Insurance
How to Avoid a Professional Liability Claim
FAQS
How to Find Professional Liability Insurance

How Professional Liability Works

Professional liability insurance (PLI) can be called different things, depending on the profession it’s being used for. For example, if you’re in the medical field, you will purchase “medical malpractice insurance,” or if you’re a real estate agent or accountant, you will need “errors and omissions,” or E&O. PLI is a specialty policy and is usually not included in homeowners’, in-home business, or business owner’s policies.

Most policies are “claims-made” policies, meaning that they will only cover claims if they are made both while your policy is active and if the incident occurred while the policy is active. While you may also find “occurrence” policies, which offer coverage for an incident that happened during the time your policy was active even if coverage has lapsed when the claim itself is made, these types of policies are difficult to find.

What Does Professional Liability Cover?

PLI financially protects your business from legal claims and lawsuits brought against you, whether those claims are valid or not. Both frivolous and substantiated lawsuits may be covered by your insurance. This type of policy can protect businesses against the following kinds of claims:

Negligence or failure to meet standards – If you or one of your employees delivers subpar services, you could be at risk for a lawsuit. For example, say you are a consultant and you accidentally give your client incorrect advice that they later end up being sued or losing money over. They could then in turn sue you for giving them bad advice because they paid you to have the correct information.
Missed deadlines – If you miss a deadline, your client can make a claim against you for not fulfilling your contract with them. For example, if you work in cyber security, and you tell your client their business will be protected by a certain date. But for some reason the project takes longer and is not done by the deadline, if your client gets hacked after that deadline they can sue you for their losses. If you had met the deadline they may not have been hacked, so you can be held liable, but PLI can protect you from this type of claim.
Breach of contract – If your business does not meet the terms of anything specified in the contract between you and your client, you can be sued. This includes deadlines, product guarantees, and payments. PLI will cover you in the event of a claim like this.
Errors – No matter how careful you are, mistakes can happen, and those mistakes can be costly. For example, if you are an insurance agent, and you select the wrong coverage for your client. Or accidentally forget to turn in a portion of their paperwork, your client might not have the proper coverage in an emergency. They could end up losing a lot of money. And could sue you, so you’ll need PLI to financially protect your business.

What Isn’t Covered?

Professional liability insurance policies protect your business from claims of financial losses, not bodily harm or property damage, unlike other types of liability insurance. But there is an exception to this rule: medical malpractice insurance. Other than medical malpractice though, you file bodily injury claims under your general liability policy.

PLI also doesn’t cover lawsuits brought on by employees claiming wrongful termination or harassment. Those claims would fall under employment practices liability policies. Additionally, fraud and criminal acts are not covered by your PLI. If you or an employee intentionally mislead a client or commit a crime, your PLI will not cover the claim.

The Cost of Professional Liability Insurance

Professional Liability Insurance generally costs between $500 and $1,000 per year. This can vary based on several factors, such as:

Your industry – The degree of risk and the financial consequences of a mistake differ from one occupation to the next. All of that is taken into consideration by insurers when setting premiums.
Coverage and deductibles – PLI coverage limits can start at $250,000 and could reach into the millions. Your premium will cost more the higher your limits are. Additionally, if you choose a lower deductible, your premium will be more. When deciding on coverage limits, weigh the annual cost of your policy against potential expenses in the event that a client sues you. You need insurance that will cover both the cost of mounting a defense and potential damages. For instance, a typical professional liability policy will pay up to $1 million for a single claim. Or throughout the course of the policy if the coverage limit is $1 million (per occurrence and aggregate).
Your location – Where your business is located is actually a big factor in your premium. If you work in a city with a high claim rate or significant legal expenses, be prepared for higher premiums.
Workforce size – The likelihood that one of your employees will make a mistake that leads to legal action increases as your workforce grows. As a result of this higher risk, your professional liability rates will increase.
Age of your company – Newer businesses can anticipate paying more for professional liability insurance than larger, more established businesses. But as your company grows in expertise, your insurance premiums should go down, assuming you continue to have no claims.
Claims history – For insurers, a history of prior professional liability claims is a risk. Risks mean higher premiums.

Ways to Save on Professional Liability Insurance

You have no control over certain professional liability cost factors, such as industry and expertise level. However, there are other ways to reduce the overall cost of your insurance:

Pay your premium in full – Typically, insurers will give you a discount if you pay your annual premium all at once rather than on a monthly basis.
Change your deductible and coverage limits – To reduce your overall costs, choose a larger deductible or less coverage. Just be sure your insurance has enough coverage to protect you from potential claims and that your deductible is reasonable.
Bundle your policies – To save money on all of your insurance, bundle your professional liability policy with other commercial insurance protection. Most insurance carriers will discount policies when you buy them together.

How to Avoid a Professional Liability Claim

While professional liability insurance provides financial security in the event that lawsuits are brought against your company, it’s always safer to prevent claim situations than to let insurance handle the fallout from a dispute. There are a few extra precautions you can take to avoid these claims. For example:

Strengthen your processes and procedures – It will be easier to guarantee that the work performed is of a high standard and that the possibility of errors is lower if there are extensive plans and supervision in place.
Ensure there is strong communication between you and your clients – Making sure your contracts and agreements are clear and detailed keeps everyone on the same page. This reduces the chance of misunderstandings.

Being careful during business operations and constantly communicating with your clients won’t guarantee that you never have a claim. But it can certainly help reduce the possibility of having one.

FAQS

Can I get professional liability insurance in a business owner’s policy?

No, a typical business owner’s policy includes coverage for property, business interruption, and general liability. A separate policy for professional liability insurance would be necessary.

Do I legally need to have professional liability insurance?

In most circumstances, the law does not require professional liability insurance for small businesses. Professional liability insurance is only necessary for some professions, such as law and medicine. To find out what kinds of small business insurance your company must have, research the regulations in your state.

Will my professional liability policy cover part-time employees or contractors?

Most of the time, yes, your PLI will cover your part-time employees and subcontractors. Make sure to specify that you’ll need this kind of coverage when you request a quote.

Do I really need professional liability insurance?

Your company needs professional liability insurance if you offer clients a professional service or expert opinion. Professional liability insurance is clearly necessary for many occupational areas. Including those like law and medicine, but there are additional fields that you might not expect. Professional liability insurance can help advertising companies, IT consultants, and beauty professionals reduce the risks associated with giving clients and consumers advice.

How to Find Professional Liability Insurance

Generally speaking, all major insurance companies offer professional liability or errors and omissions insurance. If you already have business insurance, inquire with your carrier about the possibility of expanding your coverage to include professional liability.

Your best bet, though, is to work with an insurance agent. EZ’s agents are highly trained and work with the top companies in the nation. We can compare all of your policy options while working with your budget to get your company all the coverage it needs. For a free quote enter your ZIP code below or give us a call at (855)-694-0047 to be connected directly to one of our agents today.

What is Product Liability Insurance?
What Does Product Liability Insurance Cover?
What Doesn’t Product Liability Insurance Cover?
How Does Product Liability Insurance Work?
Who Needs Product Liability Insurance?
Why is Product Liability Insurance Important for Small Businesses?
How Much Does Product Liability Insurance Cost?
Product Liability VS. General Liability
FAQs

What is Product Liability Insurance?

Product liability insurance shields businesses against claims that arise when products they manufacture, distribute, and sell cause personal injury or property damage to a third-party. This type of coverage is crucial for reducing the monetary risks associated with defective, dangerous or harmful products. Whether the problem stems from a product’s faulty design, a production error, improper labeling, or lack of warnings and/or instructions, product liability insurance is there to help cover the associated costs.

Product liability insurance exists both as a part of general liability coverage, as well as its own policy. Most commonly covering costs associated with legal defenses and settlements, the coverage enables business owners to meet industry standards while also providing peace of mind when it comes to daily operations.

What Does Product Liability Insurance Cover?

Product liability insurance covers businesses against financial ramifications when a product that they developed, distributed or sold causes harm or damage to another party. Specific areas of coverage include:

Bodily Injury (including burns, allergic reactions, bone fractures, choking, and lacerations, internal damage, dismemberment, and much more).
Illness/Infection (caused by bacteria, parasites, foodborne germs or viruses).
Death
Property Damage (such as structural damage, damage to personal items, vehicle damage, or chemical contamination).
Legal Defense (including court costs, attorney fees, judgments and settlements— whether or not you’re found liable).
Global Coverage (some policies even cover businesses who sell products internationally, if a mishap occurs).
White-Labeled Products (if you buy from a manufacturer or wholesaler, and relabel your products, you’ll still be covered).

While no one expects to be involved in a lawsuit, the simple fact is that they happen. Your business is your livelihood, so don’t leave anything up to chance. By safeguarding your company against legal fees, medical bills, property repairs and more, you’ll be able to focus on what’s most important—running your business.

What Doesn’t Product Liability Insurance Cover?

While product liability insurance is extremely valuable to small businesses, and businesses of all sizes for that matter, it comes with some limitations. Here are some of the most common exclusions:

Product Recalls: Policies don’t cover the costs associated with removing faulty products from the market such as product disposal, consumer notification or shipping expenses.
Intentional Negligence: If there is a known defect in the product, or an intentional failure to alert the public about product safety concerns, costs will not be covered.
Injured Employees: Product liability insurance does not apply if a product injures one of your own employees. Instead, a workers’ compensation policy would cover this situation.
Damage to Company Property: Product liability insurance only covers damage caused to a third-party’s property. If your own property is damaged, you’ll need property insurance to recoup losses associated with damaged equipment, buildings or inventory.
Professional Services: If a problem arises due to a professional service that you offer as opposed to a product, your product liability coverage will not suffice. Instead, you’ll need professional liability coverage, also known as errors and omissions (E&O) insurance.
Visitor or Vendor Injuries at Your Business: If someone is visiting your business location and sustains an injury, you’ll need general liability insurance to be sufficiently covered.

It’s crucial to gain a full understanding of the exclusions and limitations of your particular policy. If you’re unsure about the gaps in your coverage, be sure to talk with your insurance advisor about additional policies, to ensure your business is protected from all angles.

How Does Product Liability Insurance Work?

While we all hope our businesses are never involved in a product-related incident, if one does happen to occur, it’s important to understand the process. Here’s a brief overview of a typical claims process:

Filing a Claim: After an incident takes place, you’ll want to immediately contact your insurance provider and file the claim.
Investigation Period: After the claim is filed, the insurance company will take time to investigate the claim. During this period they will review any relevant documentation, and gather additional evidence to uncover the extent and cause of the damage or injury.
Payouts/Settlements: If the insurer determines that the claim is valid, they will either reach an agreement with the affected third-party, or if required, pursue legal action. Any payments used for settlement will compensate for medical expenses, legal fees and other associated costs.

Who Needs Product Liability Insurance?

If your company makes, sells, distributes, or imports products, product liability insurance is essential to operation. If a flaw in a product you offer results in physical harm or property damage, you run the risk of being held liable, even if your business didn’t manufacture it.

Manufacturers: Legal risks arise from problems in product design, factory-related mishaps, or not enough testing before launching a product.
Distributors and Wholesalers: Companies involved in handling bulk goods can still face liability risks, if a product causes harm down the line.
Retailers: As mentioned, retailers are commonly sued over faulty items even when other businesses manufactured the goods.
E-Commerce Businesses: Online retailers, as well as digital stores that sell other vendor’s products can incur blame for defective or mislabeled products.

Real-World Examples of Product Liability Risks

Toy Distributor: A company that distributes children’s toys unknowingly sends out a shipment of toys that contain high levels of lead paint, which is known to be toxic and cause potential health risks. Even though the company didn’t produce the toys, they are still held liable.
Candle Shop: A locally owned and operated business that makes candles, accidentally sold a batch with wick defects. This particular defect is causing candles to burn unevenly and resulted in a customer’s furniture catching on fire. Now they are being brought to court over the damages.

Why is Product Liability Insurance Important for Small Businesses?

Even with the best quality-control measures in place, product defects still occur through design errors, manufacturing problems, or incomplete labelings. When a customer suffers an injury or their property is damaged due to a faulty product, your business risks paying high costs, like steep medical expenses, legal fees or settlements.

Product liability insurance is especially important for small businesses as they tend to lack the necessary capital to pay for expensive settlements, or court cases out of pocket. With the proper product liability policy in place, businesses can remain protected without jeopardizing their financial stability. It’s important to keep in mind that many product-related claims only require proof of a defective product. This means that even if your business didn’t directly cause the issue with the product, you can still be held liable.

Additionally, while product liability insurance isn’t generally required by law, certain manufacturers, distributors and even e-commerce platforms require businesses working with them to carry this policy. In short, without product liability insurance, you could be stunting your company’s growth, since the lack of a policy may limit your ability to form partnerships and meet contractual obligations.

How Much Does Product Liability Insurance Cost?

Product liability insurance costs an average business anywhere between $500 to $1600 per year. For small businesses, the average monthly cost is about $99. A main factor in determining the cost of your policy depends on the type of business you operate and the risk-level of that business. For instance, home-based businesses tend to see lower premiums while manufacturers, dealing with production on a daily basis may pay more.

Here is a full list of factors contributing to the cost of a product liability insurance policy:

Type of Product: Products that present higher risks to consumers like medical equipment or machinery, generally lead to higher insurance premiums.
Volume of Products Sold: The more products you sell, the higher chance there is of a liability claim occurring. Therefore, more products sold tends to equal higher premiums.
Claims Record: Companies which have never faced a product-related claim will generally be rewarded with lower premiums, as opposed to companies who’ve faced prior claims.
Size of Operation: Small businesses like e-commerce shops or local retailers need less coverage than distributors or manufacturers with large facilities.
Coverage Amount: The selected limits of your policy affect how much you’ll pay on a monthly and annual basis.
Location: The state and local laws of your location may affect the overall cost of your insurance premiums.

Product Liability Insurance VS. General Liability Insurance

Product liability insurance and general liability insurance are both vital in protecting businesses from legal claims, but they have different uses and limitations.

What’s the Difference?

As mentioned, product liability focuses specifically on claims relating to personal injury or property damage arising from products that businesses sell, manufacture or distribute.

General liability on the other hand, covers a wider range of claims such as third-party injuries or property damage caused on a third-party’s property, as well as advertising and reputation damage as a result of general business operations.

Does General Liability Provide Product Liability Coverage?

The short answer is—sometimes. General liability insurance policies do oftentimes provide some level of product liability coverage, but other times it will need to be purchased as a separate policy. If you’re unsure about what your policy includes, just ask the insurance agent that you’re working with. This ensures that there are no glaring holes in your protection plan.

FAQs

If I don’t manufacture the products I sell, do I still need product liability insurance?

Yes! If someone gets hurt or their property is damaged due to a product you sell, you can still be held liable, even if you don’t manufacture anything. While the manufacturer created the product, since you are part of the supply chain, you may face legal claims and be held responsible, if the court determines that you didn’t ensure the product was safe before selling it.

How much product liability coverage does my business need?

The amount of coverage that your business will need depends on a variety of factors such as the risk-level of your products, the volume of sales you make on a yearly basis and the industry you’re a part of. While we encourage everyone to consult with our insurance advisors for a policy tailored to your needs, most small businesses obtain a $1 million per-occurrence limit and a $2 million aggregate limit to start.

What if I discover a defect in my product before any claim is made?

If you find a defect in one of your products before a claim is ever made, it’s important to act as quickly as possible. This may include issuing product recalls, alerting your base of customers, and contacting your insurer. While product liability insurance doesn’t cover product recalls, your provider should be able to offer you supplemental coverage options, or provide you with the next steps to resolve the issue.

Can I combine product liability insurance with other coverages?

Yes! Many insurance providers offer product liability with your general liability insurance policy. With that being said, depending on your business, the risk involved, and the insurer that you’re dealing with, you may need to purchase a standalone product liability policy.

Get Product Liability Coverage with EZ.Insure

Choosing the best product liability insurance policy for your business’s needs doesn’t have to be difficult. To make sure no box is left unchecked, visit EZ.Insure!

EZ.Insure specializes in helping small businesses like yours protect themselves from the unexpected risks that life has to offer. With the help of our side-by-side plan comparison tool, instant access to quotes, and live expert assistance, you can find the perfect product liability policy in no time.

Don’t go uninsured any longer! Enter your ZIP code below, or give us a call at (855)-694-0047 to get started!

Keeping your business’s doors open depends on a number of factors and maintaining your business’s property and equipment is a huge part of the equation. If company assets are damaged in a fire or natural disaster, without sufficient insurance coverage it can be difficult for businesses to recover. This is where hazard insurance comes in.

What is Hazard Insurance?
What Does Hazard Insurance Cover?
Does My Business Need Hazard Insurance?
The Cost of Hazard Insurance
Hazard Insurance for a SBA Loan
Is Hazard Insurance Tax Deductible?
FAQs
Get Hazard Insurance Today

What Is Hazard Insurance?

Hazard insurance is a type of business coverage that protects commercial properties and assets against physical damage stemming from storms, fires, vandalism and theft. If a business suffers losses due to one of these events, hazard insurance helps pay for replacing or repairing buildings, offices, equipment, and inventory.

It’s important to note that hazard insurance is typically a portion of a broader commercial property insurance policy. While commercial property insurance provides a more comprehensive coverage, oftentimes providing coverage for operational disruptions, hazard insurance focuses solely on protecting a business’s physical structure and assets.

What Does Hazard Insurance Cover?

Hazard insurance covers both the building that your business owns or rents, as well as the equipment that it uses. Depending on your policy, hazard insurance will generally cover the cost to repair or replace the following items:

Personal property
Tools and equipment
Inventory
Furniture
Computers
Accounts receivable
Documents
Outdoor landscaping

It will cover damages to the above due to the following types of events:

Fire and smoke damage
Theft and vandalism
Some weather-related events such as hail, lightning, snow, sleet, or ice
Explosions
Aircraft or vehicles
Sprinkler leakage
Building collapse
Water damage (in certain specific cases)

Damages caused by floods, earthquakes, acts of terrorism, nuclear attacks, or damage resulting from war are typically not covered by hazard insurance policies. You will need a separate insurance policy to protect your business from these occurrences.

Does My Business Need Hazard Insurance?

Hazard insurance is generally not required by law. With that being said it is crucial to help cover the costs of damages if a disastrous event occurs. Without a comprehensive hazard insurance policy, owners are forced to pay for repairs out of pocket, which isn’t always possible for small business owners. Additionally, many lenders and financial institutions require businesses to have some form of hazard insurance before issuing mortgages or loans.

The Cost of Hazard Insurance

The price of hazard insurance will vary widely depending on a number of factors, including:

The age of your building/property – If the workspace that you own or rent is older, you’ll typically pay higher premiums because repairs to older properties tend to be more expensive.
The value of your building/property – The higher the total value of your assets, the higher the premium for this coverage will be.
Whether you choose a cash value or replacement cost policy – With a policy that pays out based on the actual cash value of your property, your payout will be determined by how much your property was originally purchased for before it was damaged. But if you have a policy that pays out based on replacement value, you will be covered for how much it would cost to buy a brand new version of the item that was damaged. Because of the effects of depreciation, cash value insurance is typically more affordable than replacement value insurance.
Coverage limits – As is the case with the vast majority of insurance policies, your monthly premiums will go up as you add more coverage.
Lender requirements – A lender may require that you have a certain amount of property insurance coverage before they will approve your application for a loan. The more insurance your lender requires, the larger your premium will be.

Hazard Insurance for a SBA Loan

The Small Business Administration (SBA) helps small businesses get the credit they need by putting the government’s name on loans made by commercial lenders. The lender provides the loan, and if the borrower doesn’t pay back the loan, the SBA will cover up to 85% of the loss.

To get a small business loan from the SBA, you need to show that you have hazard insurance. Having this type of policy shows that you own real assets that can be taken if you can’t pay back the loan. For example, if a construction company wants to borrow money to buy a piece of equipment but can’t pay back the loan, the lender can take ownership of the equipment.

Types of Hazard Insurance SBA Might Require

In order to be eligible for a loan from the SBA, you will have to show that your business has adequate insurance coverage. This could mean having general liability coverage as well as commercial property insurance/hazard insurance. Keep in mind that depending on the kind of loan you want to get, the Small Business Administration might require you to have other types of insurance coverage, such as workers’ compensation.

Specifically, the Small Business Administration requires the following when it comes to hazard insurance:

The minimum required coverage amount is 80% of loan principal.
Your business’s name must appear on the insurance policy.
Your DBA name must be included in the policy if you use one.
You must show proof of the required insurance within 12 months of receiving your loan. If your business does not already have it when you apply for your loan.

Is Hazard Insurance Tax Deductible?

The Internal Revenue Service considers business insurance premiums to be an ordinary and necessary business expense. So, yes it can be tax deductible. But there are other factors to think about when determining if your hazard insurance is tax deductible.

If you have a home-based business, you may be able to deduct some of your operating costs from your taxable income. Insurance premiums can fall into this category, along with utilities and home office essentials. For instance, you can deduct half of your annual hazard insurance premiums if your home is used for business purposes in excess of 50% of the time.

If your company suffers losses in an area where a federal disaster declaration has been issued, you may be eligible for deductions. If you have hazard insurance and your insurer only pays a portion of your claim, for instance. You can deduct the amount of your claim up to $500 per incident.

FAQs

Do I need hazard insurance if I run a home-based business?

Yes, even if you run a home-based business, you’ll likely need a business hazard insurance policy. Homeowners insurance usually does not cover business-related property, or if it does, the policy limits on these assets are very low. To ensure that all of your business property is protected, it’s suggested to purchase a hazard or commercial property insurance policy, even if you already have a homeowners policy.

How much does hazard insurance cost for small businesses?

The cost of a hazard insurance policy varies based on factors such as location, equipment value, industry, property value, building age and more. With all that being said, on average small businesses pay about $67 per month or $800 per for a comprehensive policy.

Does hazard insurance cover natural disasters like floods and earthquakes?

Most hazard insurance policies do not cover floods and earthquakes. If your business is located in an area where these types of disasters are prevalent, you’ll need to purchase a separate flood insurance or earthquake insurance policy.

Get Hazard Insurance Today with EZ.Insure!

At EZ.Insure, our insurance agents work with the leading insurance companies across the country to ensure that you have access to the best coverage options for your business and its employees. In fact, we can save you hundreds of dollars annually by tailoring our search to find you exactly what you need, at the best price possible. To get a free quote, simply enter your ZIP code in the box below or give us a call at (855)-694-0047.

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Frequently Asked Questions

Does the law require small businesses to have general liability insurance?

How much coverage do I need?

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How Professional Liability Works

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What is Product Liability Insurance?

What Does Product Liability Insurance Cover?

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What Doesn’t Product Liability Insurance Cover?

How Does Product Liability Insurance Work?

Who Needs Product Liability Insurance?

Real-World Examples of Product Liability Risks

Why is Product Liability Insurance Important for Small Businesses?

How Much Does Product Liability Insurance Cost?

Product Liability Insurance VS. General Liability Insurance

What’s the Difference?

Does General Liability Provide Product Liability Coverage?

FAQs