How to Deal With Small Business Insurance

Step-by-Step Guide

1. 1

   Step 1: Purchase general liability insurance to cover any kind of incident that might happen; including accidents

   Make sure general liability insurance policies include coverage for medical payments, legal fees, property damage, lawsuits and settlements.
   
   For example, if someone slips and falls in your office, a general liability policy should cover medical bills as well as any lawsuits that are brought against you.
2. 2

   Step 2: negligence

   You will be liable for the safety of that product, so coverage is necessary in case it causes harm.
   
   Consider the amount of injury your product could potentially cause.
   
   For example, a small business that makes lawn chemicals has a higher level of risk than a small business that sells socks. , This is also called errors and omissions insurance, and can protect you against claims of negligence, malpractice and other errors.
   
   Check into whether you are required by your state government to carry this insurance.
   
   For example, many states require malpractice insurance for doctors and other healthcare providers. , This type of insurance will cover loss and damage to your property from fire, theft, storms and vandalism.
   
   Explore which type of commercial property insurance will work best for your business.
   
   All-risk policies will cover anything except what is specifically excluded in the policy.
   
   Peril-specific policies will only cover certain losses from specific perils such as flood or fire.
3. 3

   Step 3: libel and slander.

4. 4

   Step 4: Use product liability insurance if your small business produces

5. 5

   Step 5: manufactures

6. 6

   Step 6: distributes or sells a product that people will buy and use.

7. 7

   Step 7: Protect your business with professional liability insurance.

8. 8

   Step 8: Review commercial property insurance options.

Detailed Guide

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