In the Community

Starting a New Business…Now What?


As an insurance broker, we get many calls from those  who are just starting their business  and curious about the insurance coverage they need in order for them to show their customers that they are financially responsible.    Investing in business insurance may seem like something you just can’t afford until the worst happens.  When the worst happens it can threaten and/or destroy everything you worked so hard for.

The most common liability claims usually results from injury…..someone slips and falls on your premises, or  they are injured as a result of the use of the product you sold them.   You don’t have to be grossly negligent to be sued!

Here are some common questions we are asked.

What does Business Liability Insurance do?

It pays compensatory damages, resulting from property damage or bodily injury to others.  It also pays to defend the action, even if you are not found negligent.   In today’s environment, where we can be in such a litigious society, knowing that you have liability insurance to defend an action  that may be brought against you, may be all the comfort that you need.

Are there ways I can reduce my liability exposure?

Yes, you can!  It can be in the form of a Loss Prevention Control program, that is finding ways to reduce the frequency or severity of loss not only to your employees, but also the public at large. The idea is to put measures in place to control the cost of loss quickly.   Of course you could always avoid certain activities where the level of risk is too high or too difficult to control, but the reality is that you have a business to run so putting loss prevention measures in place should be part of your responsible business plan.   Experience has shown us that preventing accidents is much less costly than suffering damages due to claims.

How much does it cost?

It all depends on the type of work you do or product you sell.  Most insurance companies base the rate on your revenue, as it is an indicator of your exposure.   The more you do, the more exposure you have to the  public.    The rate for someone who sells greeting cards will be significantly different to someone who installs brakes on a vehicle, or is manufacturer of furniture.

It is best to speak with an Independent Insurance Broker  to help you with your buying decision when it comes to insurance, and we here at Beyond Insurance can do just that.  Call us today!

Getting you the coverage you deserve