The main difference between general liability vs professional liability insurance is the risks they cover. General liability insurance pays claims regarding property damage, physical harm, and advertising injury brought by third parties. Alternatively, professional liability, sometimes called errors & omissions, pays claims of financial loss caused by negligence, errors, and omissions when providing professional services….
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Oil and Gas Insurance: Cost, Coverage & Providers
Oil and gas insurance is a series of policies designed to protect companies involved in the production and distribution of oil and natural gas. The oil and gas industry poses both significant safety and environmental concerns that different insurance policies address. Even small oil and gas companies can expect to pay thousands in premiums annually….
Landlord Insurance: Definition, Cost, Features & Providers
Landlord insurance is a specific type of property insurance that protects landlords against any potential liability caused by residential tenants. Properties can include houses, condos, or apartments. Typically, a landlord insurance policy is 20% – 30% more expensive than a homeowner’s policy. Comprehensive landlord coverage includes dwelling coverage, loss of rental income, and liability coverage….
12 Types of Business Insurance Coverage
Whether you own a startup or an established company, you likely need one or more types of business insurance to protect your assets. The most common small business insurance coverages are general liability and commercial property, which insurers often bundle in a business owner’s policy (BOP). BOPs typically cost between $500 to $3,500 per year….
Food Cart Insurance: Cost, Coverage & Providers
Food cart insurance refers to policies for nonmotorized vehicles, unlike motorized food trucks that have different insurance needs. Most cart owners need general liability for third-party lawsuits and commercial property for damages to their business-owned property. Insurers often combine these coverages into a business owner’s policy (BOP), which costs food cart owners $300 to $800…
Commercial Umbrella Insurance: Definition, Cost, Features & Providers
Commercial umbrella insurance provides businesses with added liability coverage when claims exceed the limits of certain primary insurance policies, such as general liability or commercial auto. Most umbrella policies provide an extra $1 million of coverage. The cost of commercial umbrella insurance varies, but most small businesses get annual coverage for $500 to $1,500. Commercial…
LLC Insurance: How Much You Need & What It Should Cost
A limited liability company (LLC) is a business entity that protects company owners from personal liability. While LLCs protect owners’ personal assets, LLC insurance covers the business’s liability in accidents, injuries, and mistakes. LLCs can save money with a business owner’s policy (BOP) that costs between $350 – $1,600 per year. If you have an…
EPLI Insurance: Cost, Coverage & Providers
Employment practices liability insurance (EPLI) covers claims arising from employment-related issues such as wrongful termination, discrimination, and sexual harassment. EPLI insurance costs depend on several factors, including business size, employee turnover, and industry. Small businesses can get EPLI endorsements for as little as $300 annually, while standalone EPLI may cost $800 – $5,000 per year….
Pet Groomer Insurance: Cost, Coverage & Providers
Pet groomer insurance is a combination of insurance policies designed to protect brick and mortar or mobile pet groomers from third-party liability claims, business property losses, and potential injury, death, or loss of animals under their care. Pet groomer insurance policies including general liability, business property and workers’ compensation start around $4,000 annually. Understanding the…
Key Man Insurance: Cost, Coverage & Providers
Key man insurance is life and disability insurance that covers key employees (including business owners and founders) important to the business’ success. The business owns the policy, pays the premiums, and receives the payout if the key person dies or becomes disabled. A $100,000 policy for key man insurance starts at $100 per month. Key…
BOP Insurance: Cost, Coverage & Providers
A business owner’s policy (BOP) packages general liability and commercial property into a single policy that covers businesses’ most common risks. BOPs are often more convenient and more affordable than purchasing these policies separately. On average, BOP insurance costs about $1,200 per year but can range from $350–$3,000. The Hartford has been assisting small business…
Garage Liability Insurance: Cost, Coverage & Providers
Garage liability insurance refers to insurance needed for auto repair shops, auto dealerships, tow truck drivers, and service stations. The primary coverage type is general liability insurance, which covers third-party bodily injury and damage or theft of machinery. The annual cost of garage liability insurance typically starts between $300 to $1,000 annually. Garage liability insurance…
