Professional liability insurance protects small business owners in claims they made an error or omission while performing professional duties. Generally, this policy covers financial losses due to unintentional acts of negligence rather than liability for bodily injury or property damage. Professional liability policies cover accusations over honest mistakes as well as meritless allegations from customers….
All Insurance Articles - Page 2
Workers’ Compensation Claims: Which Injuries Are Covered?
Workers’ compensation insurance covers workplace injuries and illnesses. Certain types of injuries aren’t covered while others fall into a grey area. If an injury or occupational illness is sustained while you are performing the duties required by your job, it’s probably covered. For example, you fall off a ladder at work and break your leg….
Handyman Insurance: Types, Costs & Where to Find
Handyman insurance refers to insurance policies designed to protect tradespeople who perform general maintenance and repairs for people and businesses. At the very least, handymen need general liability to cover legal fees if a client sues for injuries or property damage. Handyman liability insurance usually costs between $750 and $1,500 per year. One of the…
Daycare Insurance: Coverage, Top Providers & Costs
Daycare insurance is coverage for businesses in the childcare industry. Policies can cover business-owned property and liability risks that come with caring for children. Depending on the coverage, annual costs of daycare insurance range from $400 to $1,350 for in-home childcare businesses and from $1,000 to $3,500 for commercial daycare centers. To get your daycare…
Monopolistic Workers’ Compensation States
Every state has its own way of running its workers’ compensation insurance system. Four in particular―North Dakota, Ohio, Washington, and Wyoming―are monopolistic workers’ compensation states because they do not allow business owners to purchase coverage from private carriers. Instead, employers must get workers’ compensation insurance from the state. What Is a Monopolistic State? A monopolistic…
8 Best Business Insurance Brokers 2020
Business insurance brokers can help you find the right coverage because they have access to multiple carriers. We researched popular online options to find the best insurance brokers for small business owners. The final eight come out on top based on multiple criteria, including available carriers, coverage, and customer service. 8 Top Insurance Brokers for…
Product Liability Insurance: Cost, Coverage & Providers
Product liability insurance covers a business’s responsibility for the products it makes or sells. If a product causes harm, product liability pays the injured party’s medical or repair bills as well as the business’s legal fees. The cost of product liability insurance depends on your risk, but premiums generally run between 15 cents and $1.50…
Contractors Insurance: Coverage, Costs & Providers
Contractors insurance refers to a group of policies that cover risks contractors typically face. For example, most contractors need general liability to cover claims that caused other people injury or property damage. Contractors can usually combine this coverage with property insurance in a business owner’s policy (BOP) for about $1,300 to $6,000 per year. Applying…
What Is a Workers’ Compensation Assigned Risk Plan?
Assigned risk plans are a way for business owners to get workers’ compensation insurance when private carriers refuse to offer coverage. States created these plans, sometimes called “markets of last resort,” because businesses are legally required to carry workers’ comp but may not be able to get it if carriers think they are too risky…
Garage Liability Insurance: Cost, Coverage & Providers
Garage liability insurance is a policy that auto repair shops, dealerships, tow truck drivers, and service stations need. It covers third-party bodily injury and property damage caused by garage operations as well as vehicles in the business’s care, custody, or control. The annual cost of garage liability insurance typically starts between $1,000 to $2,000 annually….
What Is an Insurance Endorsement?
Insurance endorsements, sometimes called insurance riders, are legally binding amendments that change the coverage provided in a policy. They can broaden, restrict, or otherwise alter coverage and usually be added at any point during the policy term. Getting an endorsement allows policyholders to customize their insurance for a small added cost. How Insurance Endorsements Work…
Painters Insurance: Coverage, Cost & Providers
Painters insurance includes several policies, such as general liability, business property, and commercial auto insurance. Depending on their operations, some painters may also need surety bonds and workers’ compensation. The most common painting insurance policy is general liability, which covers customer property damage and injury lawsuits. General liability for painters typically costs $400 to $2,000…