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Small Business Liability Insurance

Small businesses face many of the same risks as larger companies, but don't have the same resources to fall back on if something goes wrong—that's where small business insurance comes in. This policy can reimburse you for certain forms of loss, giving you the time and support you need to get back on your feet and resume your normal operations. This coverage is so important that over 90% of small business see it as a worthwhile investment even when they don't have a lot of cash to spare.

When you're choosing a policy, Waypoint Insurance Advisors, Inc. agents can ensure that the policy's limit is high enough to cover your risks. The fact that your business is small doesn't shield you from costly claims, so it's important to obtain the best coverage you can as soon as your company's growth permits. In particular, be sure to increase your policy's limits as your company's revenue grows.

Small Business Coverage

As explained by the Small Business Administration, there are three types of liability coverage that small businesses commonly need:

  • General Liability Insurance covers issues with negligence, injuries, and accidents. Its main emphasis is on helping with the costs of legal defense, as well as providing coverage if you lose your case.
  • Product Liability Insurance is for companies that deal with physical products of some kind. The main focus of this coverage is reimbursing you for claims that arise from injuries caused by a defective product. If you deal exclusively in digital products and services, this policy will not cover those—ask one of our agents about your options.
  • Professional Liability Insurance focuses on errors and negligence that may occur during the course of providing products or services to your customers. If any of the advice you give them is wrong, they may sue for damages, and this policy will help to reimburse you.

Most companies can get by with these three types of small business liability insurance. However, you may need additional coverage if your operations are high-risk enough that a standard policy won't cover them. If you're not sure whether or not your policy covers your operations, our agents would be happy to discuss the issue and make any changes that may be necessary.

Making Sure Your Business Can Get Coverage

Most small businesses can obtain liability insurance without trouble. The only common exceptions to this are companies that operate in industries that are particularly high-risk—for example, companies producing acids for industrial use may find it harder to get coverage. If you're worried that some aspect of your business will increase your premiums or make it more difficult to obtain coverage in the first place, call Waypoint Insurance Advisors, Inc. today and ask for guidance. You may find that there is no problem getting insurance at all—and if there is, we may be able to help you reduce your risks and bring premiums into an affordable range.

 

1. "Business & Employee Insurance Issues Among U.S. Small Businesses." National Association of Insurance Commissioners. Accessed April 21, 2016. http://www.naic.org/documents/newsroom_small_business_summary.pdf.

2. "Finding Coverage That Matches Your Business Size." III. Accessed April 21, 2016. http://www.iii.org/article/finding-coverage-that-matches-your-business-size.

3. "Types of Business Insurance." The U.S. Small Business Administration | SBA.gov. Accessed April 21, 2016. https://www.sba.gov/managing-business/running-business/insurance/types-business-insurance.

Our Location

Waypoint Insurance Advisors

7900 Excelsior Blvd, Suite 100
Minneapolis, MN 55343
Main office: 952-835-4848
Fax: 952-470-2142

Our Providers

Testimonials

Waypoint provides high-quality professional results for all your insurance needs. In my case, they were able to get me the highest-quality coverage for less money. In addition, they made recommendations that increased my protection. Waypoint surpassed my expectations! Call them today if you’re looking for the best.

Not only are they very knowledgeable about the industry, but they are willing to go the extra mile to find the best rates and policy for your family’s needs. They are very responsive to phone calls and emails and always make themselves available to answer and help with any questions that arise. We wouldn’t even consider going elsewhere. Waypoint came highly recommended by a friend, and we can definitely see why.

My family and I have been using Waypoint Insurance Advisors for many years and it’s for one reason: Personal Service. In an age of impersonal communications and a one-size-fits-all mentality, Waypoint stands out above the rest with their dedication to finding ME the right product at the right price, all with a personal touch. I highly recommend Waypoint.

I have worked with other insurance providers in the past who have claimed to be able to provide the best protection for the lowest price and never found one as honest and dedicated as Waypoint. They took the time to find out what I needed to have done and was able to increase my protection at the same time lowering my costs. Waypoint’s first concern is your concern. They put the customer first and this is what I was looking for in choosing an insurance agent.

Waypoint is extremely responsive and offers a personal touch second to none in my experience with insurance companies. It’s comforting to know I have a local insurance agent that is only a phone call away, no 1-800 numbers! I have referred many families to Waypoint and will continue to do so.