It’s a lot to ask of a contractor to be an expert in everything. That’s why it’s common for contractors to hire subcontractors (sometimes referred to as 1099 workers) to handle some of the tasks on projects. The subcontractor typically specializes in a specific kind of work and can complete it efficiently. That means the contractor can focus on other tasks. But this is key: Workers you subcontract work out have to have their own subcontractor’s liability insurance.

In order to be well-informed about business insurance, it’s important to understand the unique industry language. Below are some of the more common terms used by business insurance companies.

If you run a photography company, you understand that your business faces a wide variety of challenges and risks. From storms or accidents that damage expensive cameras and lighting equipment to clients who trip and injure themselves in your studio and sue you, it’s easy to find yourself with a large financial burden.

As a cosmetology business owner, you’re focused on providing excellent service to your clients. But at the same time, you have to address “big picture” issues, like protecting your business financially with insurance.

Construction businesses and contractors face a wide variety of risks at job sites and beyond. An incident can be very costly if they don’t protect themselves with adequate business insurance.

If you’re a transportation company owner or decision-maker, you surely do all you can to operate your business safely. However, companies like yours face many risks over which they have no control. Bad roads, inclement weather, and the people with whom your vehicles share the road probably come immediately to mind.

What is a hold harmless agreement? That’s an important question. A hold harmless agreement, which is sometimes called a hold harmless letter, is a “release of liability” clause, typically in a contract, that indemnifies and protects one party from the financial consequences of damage or injuries caused by another party. One party agrees not to sue the other, and also to pay the costs that the party might incur for certain events.

As important as insurance is for small businesses, it’s not uncommon for busy company owners to be unsure about why they need it, where to get it, the fact that coverage can be tailored to their needs, etc. We know this from our interactions with customers and prospective customers all around the U.S.

Are you wondering, “What is a Certificate of Liability Insurance?" or “What is a COI?” (which is short for Certificate of Insurance)? Many business owners and decision-makers do. It’s a document that proves you purchased an insurance policy that protects your business from liability costs.