Small Business Articles

Small business owner viewing COI on phone

If you’re wondering, “What is a Certificate of Liability Insurance?” or “What is a COI?” which is short for Certificate of Insurance, it’s a document that proves you purchased an insurance policy that protects you from business liability.

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Businesses will sometimes indicate that they are “bonded and insured,” but what does being bonded and insured mean exactly? And does it matter if a business is bonded and insured?

Article Teaser Guide To PL

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? How does professional liability coverage work? What does it cost?

Teaser Article Everything You Need To Know About Home Inspector Insurance 1301560496

You’re performing a home inspection and miss a problem with the electrical system. The buyer goes through with the purchase, learns that correcting the problem will cost $6,500, and sues you to pay for that expense.

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Both business liability insurance, like a general liability policy, and errors and omissions insurance (also called E&O insurance or professional liability insurance) help protect your company from lawsuits and the associated costs. However, they’re designed to address different kinds of risks.

Teaser Doeshealthinsurancecoverworkinjuries 1000133198

If you’re injured at work, probably one of the first things that comes to mind is, "Does health insurance cover work-related injuries?" While health insurance plans vary, typically, they don’t cover injuries that occur at work. But the medical bills and other costs associated with on-the-job injuries and illnesses can be covered by a workers’ compensation policy.

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Workers’ comp insurance helps pay bills associated with work-related injuries, illnesses, or fatalities, including medical care, lost wages, and funeral costs. Most states require businesses that have employees to maintain workers’ comp coverage for them.

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Small business insurance provides important financial protection for the policyholder—the company or self-employed individual that purchases the policy. In some cases, however, others may want to be covered by the policy to some degree as well. This is where an additional insured endorsement may be needed.

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As an insurance agent, you provide professional advice and services to your clients. If you happen to make a mistake, you can be liable for any financial damages caused to them. A client might also accuse you of making a mistake and have to defend yourself in court even if you didn’t do anything wrong.