A Quick Guide on How to Buy Business Liability Insurance Online

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Are you asking yourself, “Do I need business liability insurance?”

Consider this fact: 75% of American businesses are underinsured. Even scarier, 40% of businesses never reopen after a disaster.

Whether you’re starting or scaling up your company, business liability insurance is a wise investment. It protects your business against lawsuits, legal fees, and unexpected disasters.

The good news is that you don’t have to go very far to get the coverage you need. Keep reading to learn how to buy business liability insurance online.

What Coverage Do You Need?

First of all, what’s included with general liability insurance? 

As the name suggests, this policy covers a range of risks associated with your business. This might include:

  • Customer injuries
  • Property damage
  • Medical bills
  • Legal fees

However, you need to know that general liability is not a “catch-all” solution. It’s the most basic form of coverage, but you will likely need others too depending on the nature of your business.

For example, if you transport goods, you’ll need a commercial auto insurance policy to protect your vehicles and drivers. If you offer professional services or advice to clients, you’ll want professional liability coverage. If one of your employees gets injured on the job, you’ll need worker’s compensation coverage to pay for their medical expenses.

Before you sit down to buy business liability insurance online, make a list of the specific types of coverage your business needs. You can often save money by bundling different types of coverage together into one custom policy.

How to Get a Quote

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Once you understand your company’s unique risks, it’s time to look for online business liability insurance that suits your needs.

For example, insurancehub.com makes it easy to find information about business insurance. You can search by the type of coverage, your industry, or the employee benefits you want to offer. 

To get started, you’ll need to gather relevant details about your business. This might include:

  • Nature of your business and associated risks
  • Number of employees
  • Estimated business revenue
  • Your business’ location and contact information
  • Details about your business premises/lease information
  • Length of time you’ve owned your business

You’ll need to provide this information when you request an initial quote for coverage. When you start receiving quotes, you’ll need to carefully weigh which options are best for your business and your budget.

For starters, how will you pay your premium? You may be able to save by paying a yearly premium up front rather than splitting it into monthly payments.

Next, what coverage amount makes the most sense for your business? General liability coverage usually starts around $1 million, but you may need less (or considerably more) based on your business risks.

Finally, consider whether you can save by bundling multiple policies together, perhaps with a Business Owners Policy (BOP).

Buy Business Liability Insurance Online

What is business liability insurance? It’s an essential way to protect your business if the unexpected happens.

Don’t leave the fate of your company to chance. Use the tips above to buy business liability insurance online today.

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