Small Business Articles
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.
As a home inspector, you face multiple types of risk in your work. For example, you evaluate countless characteristics of homes in every assignment. No matter how good you are at your job, you’re almost guaranteed to miss something or make an inaccurate assessment at some point in your career—and any mistake can result in a lawsuit.
General liability insurance protects businesses from liability risks they face every day. If a customer or client, vendor, business partner, or anyone outside the company sues the business for costs associated with bodily injury or property damage, general liability can provide financial protection. That includes covering legal fees and settlements as outlined in the policy and up to the policy’s limit.
Workmen’s comp insurance helps your employees by covering costs associated with work-related injuries, illnesses, and fatalities. This includes medical expenses and lost wages. If a worker dies as a result of an on-the-job incident, this type of insurance can provide what’s called a death benefit to their surviving family members.
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.
We want you to make well-informed decisions about your insurance needs. Learn from answers to the questions most frequently asked by business owners.