Small business liability insurance can be in any industry, from construction and transport to bars and restaurants. Each client may require coverage in the form of an umbrella plan or a specialized package that is created by the wholesale broker.
General liability insurance protects small businesses from lawsuits by third parties. For example, a construction company may be sued due to an accident in which a private individual was injured. In the case of contractors, it is their duty to be sure that all workers and subcontractors are covered by general liability since a lawsuit could target anyone involved in the project.
Small Business Liability Accounts for Industry Risks
Insurance plans are customized to account for the needs of specific industries, including:
- Liquor coverage for bars, restaurants and clubs
- Inland marine plans for companies that have items in transit or at temporary locations
- Pollution coverage for environmental liability
These risks must be examined by the insurance agent and then discussed with the wholesale broker. The broker can then include risks in the general liability package or sometimes write them on to existing coverage.
The costs for small business liability insurance can be expensive and take away from money that is used to promote company growth. On the other hand, a lawsuit could easily bankrupt a smaller company. Adco General is a general agent and wholesale broker that can also adjust payment and installment plans to the needs of small business clients. Email Adco to learn more.
