How Much Liability Insurance do I Need? Insights on Commercial Insurance.
Commercial insurance, sometimes called business insurance, provides crucial financial protection for businesses. Liability insurance—one form of commercial insurance—is particularly important because any company can be sued by a customer or someone else who claims that the business caused some type of damage that affects them—physical injury, property damage, or financial harm.
But business owners often wonder, “How much liability insurance do I need?” The answer is that the amount of liability insurance needed varies depending on multiple factors. However, some benchmarks are that our typical general liability policy is $1 million per occurrence and $2 million aggregate limit per policy year. For errors and omissions policies, $1 million per occurrence and $1 million per year is common. But it's possible that a claim can be higher than those limits, so we recommend also getting a quote for higher limits.
Many companies find it helpful to first ask, “What types of liability insurance do I need?” The policies most commonly purchased by small businesses include:
Once you determine what types of coverage you want, getting a quote on the different policies and limits you require and/or talking with one of our licensed insurance experts can help you understand exactly how much liability insurance you need.
What Does Small Business Insurance Cost?
Getting a fast, free, online quote is the best way to determine how much liability insurance for a small business is enough. At biBERK, we can help you figure out your small business insurance cost. A number of factors affect that cost including the type of policy, the state where your business is located, the kind of work you do, the size of your company and others.
It takes just a few minutes to get a self-service quote from biBERK. Or, if you have questions, we’re happy to answer them.
Save Time and Money With Online Business Insurance
Taking advantage of online business insurance is a great way to get the coverage your business needs quickly and affordably. At biBERK, our goal is to take the hassles out of business insurance. Plus, we insure your company directly, without a middleman or insurance broker, so we can offer policies at up to 20% less than other insurance companies.
No matter how much liability insurance you need, you’ll find that financial protection and peace of mind are very affordable through biBERK.