A great deal of people have used the Covid pandemic as an opportunity to either branch out on their own or start a new business from scratch. At least some good has come from all of the misery. If you are planning to start a new business or have recently started a new business than you need to know the basics about business insurance. First and foremost, if you’re wondering if you need business insurance the answer is yes. Every business needs insurance even if you are a small one-person show. The bottom line is that business insurance helps protects you and your company against risk.

So how do you choose the proper business insurance policies? You need to start with the basics. A good starting point is solid general liability insurance policy. General liability insurance, also known as business liability insurance helps protect your company from claims of property damage and or bodily injury. These types of claims typically arise during the course of normal business operations. If you don’t have general liability insurance coverage you will need to pay for any damages out of pocket. Did you know that the average property damage claim and injury claim is over $30,000?

That is a lot of money to pay out of pocket, especially when you’re trying to get your business off of the ground. Many small business owners simply don’t have an addition $30,000 plus to pay out of pocket. The good news is that a general liability policy is far, far less than that. So what exactly does general liability insurance cover? In essence, if a customer or client slips, falls, and becomes injured at your place of business, you are covered. If you or one of your employees accidentally causes any damage at a customer or client’s home, you are covered.

If you have to pay for any legal related expenses because your business is involved in a lawsuit, you are covered. If the judgment goes against you in that lawsuit and you need to pay damages, you are covered. On average, four out of every ten small business owners will experience either a property damage or general liability claim within the next 5-10 years. Your business liability insurance policy also covers you if the business suffers from a burglary, or any unforeseen accident that involves a third party. So how much does general liability insurance cost?

It actually depends on multiple factors. The smart thing to do is get a quote from a reputable insurance broker. That way you can customize your policy to fit your business’s exact requirements.

If you are a business owner in the Commonwealth of Massachusetts you need to ensure that you have the proper business insurance policies in place. Please consult with a professional insurance agent that can answer your questions about all insurance related topics. It is important to fully understand exactly what you are buying when it comes to insurance policies. If you have any questions, please call (508) 831-0133 to contact an associate at Zawada Insurance. We are happy to walk you through the details of your insurance policies and explain your coverage options.

We look forward to helping you with all of your personal and or business related insurance needs now and in the future.