The Small Business Owner’s Quick Guide to Liability Insurance | Core Benefits Group

Posted on: Wednesday, July 10, 2013

Did you know that a trespasser could sue you if he was injured on your property?

Every small business owner in America, regardless of your field or location, needs liability insurance. Failure to shop for coverage, and add it to your budget, would be a serious oversight. Often called Commercial General Liability insurance, this coverage is a requirement in many states for specific types of companies, such as construction firms. However, business owners in low risk fields, such as hobby stores and florists for example, are just as much in need of this coverage.

Liability insurance is a wide net covering a variety of possibilities, which is precisely why you need at least some form of policy protection. Somewhere down the list of calamities, mishaps, and situations that encompass liability insurance is an event that you likely will face in the lifetime of your business.

  • Personal injury: including slander and libel
  • Property damage
  • Lawsuits: over false claims and misrepresentation
  • Crime:  such as theft, or embezzlement
  • Web based incidents: including hacking and viruses


Certain businesses may want an umbrella policy, which covers large companies in (usually) million dollar increments over and above their regular policies. Paving companies, for instance, need extra coverage for all sorts of hazards, such as pollution violations, vehicle accidents, and injuries. Standard policies will not cover the worst-case scenarios for many employers.

The precise type of insurance that you need, and the costs associated with it, will be determined by what sort of business you own. Although the overall costs of liability insurance are predicated on your payroll and sales figures, a review of your company’s financial strength and security could lower your premiums, as would proof that you’re taking steps to mitigate risks. If you are starting a new business, you may expect to need to adjust your premium payments as your business grows. Of course, overestimates may result in a refund.   

You’ve worked hard to get this business, it’s your future. Don’t take the risk of losing it in an instant.

Contact Us to receive your FREE QUOTE today!


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