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There Are A Number Of Different Liability Insurance Policies Available

There Are A Number Of Different Liability Insurance Policies Available

It can be hard work running a business, especially when you are just starting out

, so making sure that you take care of your business from every perspective is vital, including taking out a business liability insurance policy in case of any business related legal situations. The reality is, no matter how many precautions you take, lawsuits are becoming increasingly common and even the smallest problem can be turned into a case which can be made against you. For this reason amongst others, it is not only important to take out insurance for your business, it is mandatory by law. Therefore, the issue is not whether you should take a policy out, but who you should take the policy out with. Making sure that you are working with a company who is registered and FSA (Financial Services Authority) approved will give you the extra security you need and the knowledge that should a legal issue arise, they will be available to assist and advise.

There are a number of different liability insurance policies available. Choosing the right one for your business is the first step in ensuring your business is adequately covered in the event of a claim. General liability, as the name suggests offers broad cover which gives you protection against damage to property, injury claims and other general lawsuits. Product liability covers you against claims made against you in the event that someone is injured by a product that your company manufactures. Naturally, the product you sell determines the rates depending on how potentially hazardous your product is. Professional liability is also known as errors and omissions insurance. In a services based business such as a recruitment agency or an accountant, this type of insurance is essential. It may well be the case that, depending on which profession you work in that this type of insurance, is required by law. This can also provide you with cover against claims of malpractice, negligence and errors and omissions.

The costs associated with covering both your business and yourself in this way can be high, so it is important to make sure you are aware of who will be able to give you the best deal on business liability insurance. Premiums can run high, so ensure that you do some research first by getting hold of as much impartial information and advice as you can, and also by getting multiple insurance quotes. There are websites where you can compare liability insurance quotes online, but make sure that the information they provide is unbiased, for example not influenced by a company they may be advertising. Try to find a company who specializes in catering for your specific liability insurance needs, as if this is their particular area of expertise, they should be able to offer you some valuable advice and help. Joining a business group or association is also generally a very good idea as many of these offer discounted rates for members. There are also what are known as bundled deals on business liability insurance which means that you are buying multiple policies from the same company. The rates are usually higher when you purchase from separate companies.

by: Mubashir Ali

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