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Small Business Liability Insurance

Small businesses face many of the same risks as larger companies, but don't have the same resources to fall back on if something goes wrong—that's where small business insurance comes in. This policy can reimburse you for certain forms of loss, giving you the time and support you need to get back on your feet and resume your normal operations. This coverage is so important that over 90% of small business see it as a worthwhile investment even when they don't have a lot of cash to spare.

When you're choosing a policy, Insurance Solutions Group agents can ensure that the policy's limit is high enough to cover your risks. The fact that your business is small doesn't shield you from costly claims, so it's important to obtain the best coverage you can as soon as your company's growth permits. In particular, be sure to increase your policy's limits as your company's revenue grows.

Small Business Coverage

As explained by the Small Business Administration, there are three types of liability coverage that small businesses commonly need:

  • General Liability Insurance covers issues with negligence, injuries, and accidents. Its main emphasis is on helping with the costs of legal defense, as well as providing coverage if you lose your case.
  • Product Liability Insurance is for companies that deal with physical products of some kind. The main focus of this coverage is reimbursing you for claims that arise from injuries caused by a defective product. If you deal exclusively in digital products and services, this policy will not cover those—ask one of our agents about your options.
  • Professional Liability Insurance focuses on errors and negligence that may occur during the course of providing products or services to your customers. If any of the advice you give them is wrong, they may sue for damages, and this policy will help to reimburse you.

Most companies can get by with these three types of small business liability insurance. However, you may need additional coverage if your operations are high-risk enough that a standard policy won't cover them. If you're not sure whether or not your policy covers your operations, our agents would be happy to discuss the issue and make any changes that may be necessary.

Making Sure Your Business Can Get Coverage

Most small businesses can obtain liability insurance without trouble. The only common exceptions to this are companies that operate in industries that are particularly high-risk—for example, companies producing acids for industrial use may find it harder to get coverage. If you're worried that some aspect of your business will increase your premiums or make it more difficult to obtain coverage in the first place, call Insurance Solutions Group today and ask for guidance. You may find that there is no problem getting insurance at all—and if there is, we may be able to help you reduce your risks and bring premiums into an affordable range.

 

1. "Business & Employee Insurance Issues Among U.S. Small Businesses." National Association of Insurance Commissioners. Accessed April 21, 2016. http://www.naic.org/documents/newsroom_small_business_summary.pdf.

2. "Finding Coverage That Matches Your Business Size." III. Accessed April 21, 2016. http://www.iii.org/article/finding-coverage-that-matches-your-business-size.

3. "Types of Business Insurance." The U.S. Small Business Administration | SBA.gov. Accessed April 21, 2016. https://www.sba.gov/managing-business/running-business/insurance/types-business-insurance.

Our Location

Insurance Solutions Group

4699 Auvergne Avenue, Suite 14
Lisle, IL 60532
Main office: 630-948-8325
Fax: 630-756-4104

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Testimonials

Mike Kilroy is my "guy", I leave all my insurance headaches up to him. I've been working with ISG since I started my business and couldn't be happier. I recommend it to anyone who is looking to get best insurance prices around. They handle everything extremely professionally and in timely manner.

Kristina P.
ISG. Is a great company to work with. Mike Kilroy has helped me find an affordable insurance that works for me not once but twice. I would recommend ISG to anyone, anywhere, anytime. Give them a call now!

Juan E.
The ISG team has been a dream to deal with. This company is conscientious and focused on helping their clients find the right product. As a health market consultant, I am empowered by the partnership I have with ISG.

Martin M.