General liability insurance
The cost of design business insurance depends on the type of policies you choose. Insurers will also look at factors such as the design services you offer and your business revenue. Save money on small business insurance by comparing quotes from top-rated providers with TechInsurance.
Even if you’ve done nothing wrong, someone can still sue your IT business. Learn how to prepare for this possibility.
Every liability insurance policy is different. Who is covered by your liability insurance depends on a few factors, including the type of insurance and any modifications made to the policy.
Errors and omissions insurance (E&O) and general liability insurance are types of liability insurance that protect your business in different ways. Let’s look at why so many small business owners buy both types of insurance coverage.
Learn how to protect your consulting business by understanding the liability risks and taking steps to safeguard your assets.
Both general liability and professional liability are types of liability insurance that cover the business risks faced by small technology and IT businesses. They differ in the types of liabilities they insure against.
An additional insured is a business, individual, or other entity included in a general liability policy in addition to the named insured. Additional insureds are a way of extending your liability insurance coverage to another person or business.
Commercial general liability insurance is usually the first policy that small businesses buy. It protects you from the legal costs of common accidents, and is very affordable for most small businesses.
Typically, you need to contact your insurance carrier directly when you want to file a commercial insurance claim. But the steps you take may differ based on whether you're filing a property claim or a liability claim.
When you have vicarious liability for something, it means you could be held legally responsible for any resulting harm even though you didn't directly cause it. For example, a tech company could be held accountable for the actions of an employee.
A tortfeasor is a business or individual accused of a tort, which is an act that harms another entity. Torts are often unintentional, but the tortfeasor can still be held liable for damages.
A tort is defined as a wrongful act or omission that harms a business or an individual. They often lead to lawsuits.
An insurance renewal is the end of the term of your policy, at which point, you'll need to determine if you'd like to continue under the same policy with the same insurance carrier.
The per-occurrence limit is the maximum amount of insurance money you'll get for claims from a single incident.
Business insurance is designed to protect your company against insurable risk, or the likelihood of a loss. But it's important to understand that even the most comprehensive insurance policies don't cover every type of risk.
