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When you also have equipment or operate from an office
All Basic plan benefits and:
Get protected against employment-related issues
All Standard plan benefits and:
For those slip and fall claims, claims of third-party property damage, bodily injury and advertising mistakes you'll need General Liability insurance. This insurance policy will shield you from the expense of litigation, out-of-court settlements, defense attorney fees, and judgments awarded by courts.
When an employee becomes sick or injured at work, have Workers' Compensation provides benefits for medical, rehabilitation and income until they return to work. It is required in most states, so check to see if you meet the minimum number of employees. Also, it's a no-fault policy, which means that for this coverage the employee is not allowed to sue for employer negligence.
Business Interruption insurance covers the loss of income when you have to close due to the events beyond your control. For example, after a fire, Commercial Property insurance will cover damages, but not income loss. Business Interruption covers profits lost during the loss recovery period, helping to move to a temporary location if needed and maintain your brand until you can reopen.
Professional Liability insurance protects professionals against legal liabilities arising from economic losses that result from improper advice and services provided to their clients. This insurance also covers the financial costs of defending legal actions and any damages that need to be paid.
In this industry, firms are involved in managing or representing performing and creative arts and sports figures. Examples of these agencies include celebrity agents or managers, sports agents or managers, literary agents, talent agents, and modeling agents.
Your business is prone to a lot of liability risks. Defending against claims and lawsuits can be a time-consuming and expensive process. In fact, it's so expensive that most businesses end up bankrupt after defending a lawsuit - win or lose. Insurance can aid in the financial impact in the event of liability or lawsuit. This is because insurance will pay for the damages and legal claims against your business, as well as defense and other court costs up to the limits that insurance offers.
Your business often relies on the advice and services you offer. If you make a mistake in your advice or fail to fulfill your service, clients will sue you for damages you may have caused. You can have an accident while going to work and can be sued for collision and personal injury if you're at fault. Your employees could file employer negligence when they become sick or injured on the job.
The cost of insurance varies based on the type of insurance you need for your business. Typically, the average cost of General Liability insurance, for example, is around $500 in annual premiums. Professional Liability insurance costs around $700 annually. Other insurances needed vary from around $500 to $700 annually.
CoverWallet utilizes state of the art technology to help small businesses understand and buy customized coverage, get significant savings and conveniently manage their insurance, in a matter of minutes, all through our online platform.
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