Starting a small business can be very professionally and personally rewarding. However, operating a company of any size involves risk. Natural disasters, accidents, professional errors, and employee injuries are just some of the events that can occur at any time and threaten your livelihood and that of your employees. Small business insurance helps protect your company from financial loss when problems arise.
Small Business Articles
Lawyers and law firms face many types of risks. These include being sued for alleged mistakes, damage to an office or other business property, bodily injuries to clients and other office visitors, etc. Consequently, business insurance for lawyers is essential. It can cover a wide variety of claims, so you or your firm doesn’t have to pay them out of pocket.
From lawsuits to property damage, costly incidents can occur at any time. Fortunately, you can protect yourself financially by having consulting business insurance. “Consulting business insurance” is a term that encompasses several different types of small business insurance. Policies exist to cover different kinds of incidents. That way, you can purchase the coverage you need without paying for coverage you don’t.
In some types of work, such as providing professional advice or services, the results of an error may not come to light until well after the project is completed. An insurance retroactive date helps the policyholder by addressing claims arising from past work. The date also helps the insurance company by limiting how far back it will go in providing coverage.
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.
In simple terms, legal liability means being "responsible or answerable in law; legally obligated." Businesses can be found liable for a wide variety of actions that affect others, and if they are, they may be required by a court to pay monetary damages to an individual or organization.
If your business provides professional advice or services to clients, you may have heard that you should have professional liability insurance to protect your company financially. But what is professional liability insurance exactly? What does professional liability insurance cover? And what does professional liability insurance cost?
Rental property insurance is a type of commercial insurance that helps protect landlords from the many business risks they face. The term doesn’t refer to a particular policy but instead to several kinds of policies that a rental property company might need for rental homes, condos, or apartments.
Engineering work is complex and involves specialized skills and methods for completing tasks. Consequently, firms face unique expectations and financial risks. Then, of course, there are the general risks that all businesses face. So, it’s important for engineering firms to assess their risks and get engineer business insurance to cover them.
When considering, “What is professional liability insurance?”, it is maybe best summarized by another name that’s often used for it: errors and omissions insurance (or E&O insurance). A professional liability insurance definition would say it’s a type of small business insurance coverage that protects you from financial consequences if a client accuses you of not living up to the accepted standards and best practices of your profession.
We want you to make well-informed decisions about your insurance needs. Learn from answers to the questions most frequently asked by business owners.