Commercial General Liability Insurance: A Summary of What Business Owners Need to Know About CGL

Almost every business, regardless of size or industry, requires commercial property and general liability insurance. The cost of commercial general liability insurance obviously varies widely based on industry, with “higher risk” industries, such as construction, paying more. Luckily, there are some good sites that offer free quotes. For small businesses, CGL insurance can cost well below $100 a month, while larger businesses could pay hundreds or even thousands.

This makes sense, as larger companies tend to have more employees, customers they serve, and larger buildings they occupy. The more people and property involved, the higher the risk that someone can become injured. You might also be expected to pay for workers’ compensation, depending on where you live and what kind of industry you are involved in. Location plays a role as well. If your place of operation is in a neighborhood with a high crime rate, you will likely be expected to pay more for insurance than a similar business in a small town or country with a low crime rate.

You have a better chance of getting a low quote for commercial general liability insurance if you have experience, and if your business has been around for at least a couple of years. This is because the longer a business has been involved in the industry, the more financially stable they are likely to be. It’ll also look impressive if your company hasn’t had any claims filed against it.

Deductibles and Premiums in Commercial General Liability Insurance

Like literally every other type of insurance out there, deductibles and premiums are going to play a role. Lower deductibles usually mean lower premiums, and higher deductibles result in lower premiums. If you are willing to raise your deductibles, the cost of CGL insurance will be decreased every month.

Another factor that could play a role in the quotes you get are gross sales. Obviously, the more revenue you have, the higher your premium is going to be.

There are more options if you want protection for yourself. CGL insurance usually doesn’t cover injuries to the owner. Depending on your industry, you might have an inventory you want to protect. An inventory of goods is usually valued at the price the business owner has paid for it, even if you plan to sell it at a higher price. If you’re involved in the financial sector, you might want to consider coverage for errors and omissions.

Get commercial general liability insurance and any other type of coverage tailored specifically for your needs at Hiscox Insurance Company. You can get a fast, free quote in just a matter of minutes. Hiscox Insurance offers the best customer support.

Small Business Liability Insurance Quote Overview: Quick Introduction to Business Insurance Coverage

All businesses, big and small, need commercial general liability insurance. There are many things that could put your finances at risk, and without adequate coverage, your entire company could be affected. Look online to learn the laws in your state and local jurisdiction to find out the minimum amount of insurance you need, and then conduct a search for a small business liability insurance quote. You can get multiple quotes at once and compare them to see which one offers the right amount of coverage for your business needs.

If you have any employees, the federal requirement will require you to have workers’ compensation, disability insurance, and unemployment. Keep this mind when researching policies and comparing quotes.

The best commercial insurance providers will have custom policies tailored around each type of business and industry. For those involved in the real estate industry, there are special “real estate” business insurance policies that cover everything a realtor needs. Certain industries are obviously going to require more protection than others, namely construction types of businesses and who have to deal with machinery.

Small Business Liability Insurance Quote for Professional Liability

There is also “professional liability insurance” that is designed for small businesses that provide some type of services to customers. It protects against financial losses as a result of errors, negligence, malpractice, etc. Even if you just provide services out of your home, you should still look into getting a small business liability insurance quote for “home-based business”. One option is to add the coverage to your existing homeowner’s insurance to protect your equipment and any kind of possible liability coverage for 3rd party injuries.

You should always assess your risks. Carefully think of anything and everything that could possibly go wrong with your business that will cost you money. Look for a quote that includes coverage that will protect you from all of those things.

Your choice of an insurance provider is equally as important as the policy itself. Check a company’s financial history and current financial situation. A company that has been around for a long time and is currently strong financially is ideal. Also, customer support should be very reliable – especially if you’re new to business insurance and aren’t exactly sure what you are getting yourself into.

Where is a good place to start looking for a small business liability insurance quote? One company that offers great custom policies and affordable rates is Hiscox Insurance Company. Whatever kind of liability insurance you are looking for, this company will offer really good solutions.

Small Business Insurance Cost Guide: What You Need to Know About Insurance Coverage and Premiums

One of the biggest concerns many small businesses have is the cost of insurance. It is something you absolutely need, but how much of it can you really afford? As with any type of insurance, there are a number of factors that go into the evaluation of small business insurance cost. Approximately half of small businesses in the US pay around $400 – $600 annually for general liability insurance. However, you could still end up paying less or more a year, depending on the number of employees and the type of industry you’re involved in.

High-risk industries like construction are going to be stuck with higher premiums, while low-risk industries get the lower rates. There are usually ways to save – especially if you choose a good commercial insurance provider. Just use search tools on the internet to obtain quotes. Also, companies with a physical, brick-and-mortar store or facility open to the public are more at risk than professionals who work from a home office.

Businesses with physical locations open to the public are usually have to pay more money for insurance just in case someone is ever injured on the property. There are also things like theft, falling objects, vandalism, fire, and weather damage to worry about.

What Does Small Business Insurance Cost Include?

Even if you do operate from home, this doesn’t mean that you are completely invulnerable to lawsuits. There is always the possibility of being accused of things like plagiarism, copyright infringement, slander, and so forth. If you have any vehicle that is used for business, even if it’s your own, you’ll need insurance for that as well. Do you have employees that you send to perform errands? What if they become injured on the job? Or accidentally cause damage to a client’s equipment? Keep all of these factors in mind when evaluating small business insurance cost.

Some insurance companies for businesses and professionals simplify things by offering custom insurance plans for each industry. You can choose a policy that is already tailored for a small business in your industry, with the exact kind of coverage you need.

There are pro-active things you can do to help reduce the cost of small business insurance:

• Invest in security products.

• Develop a safety training program for employees

• Compile a list of rules for posting on social media and make sure your employees understand the rules.

• Reduce potential hazards on property

• Create a checklist for procedures relevant to your industry and company.

Where should you begin your search for small business insurance cost? Definitely start with Hiscox Business Insurance. There are custom plans in every type of industry possible. It’s easy to find the ideal solution and save money with this organization.