Are you a small business owner looking for fast liability insurance coverage? With 53 percent of small business owners unaware of what type of insurance their business needs, it’s no surprise that many seek liability insurance coverage as a reactive step.
However, if you need a policy quickly—whether to rent your dream space or land a major contract—one question likely comes to mind: How fast can I get liability insurance coverage for my small business?
The good news is that you can get quick liability insurance most of the time, and we’re here to explain exactly how you can make the process fast and easy. Liability insurance is one of the most significant investments you make as a small business owner, so let’s make sure your policy is working for you.
General liability insurance covers third-party property damages and injuries associated with your work, protecting you from financial loss. A general liability policy covers damage costs, medical bills, legal fees, and settlements. It also protects you from the financial costs of defending your business against claims of libel and slander by a third party.
The key to general liability insurance coverage for small businesses is that it protects third-party property and reputation and covers third-party medical expenses. However, it does not cover costs associated with property damage, reputational damage, or worker injury at your business.
General liability is considered a key policy for any business. While most companies need more than just a liability policy, it’s foundational in providing financial protection when—not if—an incident occurs. That’s why so many landlords and clients require you to have it. Here’s how to get it quickly and easily.
The first step to getting liability coverage for your small business is to receive quotes. Often, people will shop between several carriers, which can take time. However, if you work with an online insurance broker who shops for you like those at CoverHound, you can usually get a quote within 24 hours.
To make that happen, your qualified insurance broker will need to know a few things. Not everyone comes prepared with this information, so make sure you have it handy when answering questions for a quote.
An insurance broker needs to know as much about your business as possible to get quotes from trusted carriers.
This means they need to know:
This helps your insurance broker and the carriers they get quotes from determine your business's risk exposure, the likelihood of an incident, and the potential cost of that incident. These factors determine your coverage limits and premium costs.
Once you’ve given an insurance broker everything you know about your business, from business structure to payroll, you’ll get quotes from qualified carriers willing to insure your business. Receiving quotes shouldn’t take that long for most small business owners.
There are some exceptions. If you work in a high-risk industry, like tree trimming or roofing, you may find it takes a little longer to get a quote, CoverHound’s Vice President of Sales, Felix Monarrez, says. However, 75% of people should be able to get quotes the same day they talk to a broker. Once you have your quotes, it’s time to pick the best one for your business’s coverage needs.
Choosing a liability policy option that suits your budget and gives you comprehensive coverage can be difficult and isn’t something we necessarily recommend doing alone. If you have a trusted financial advisor or an insurance broker you trust, reach out to one of them to review your policy options. When it comes to the fine print, having a trusted advisor or broker review your policy ensures you’re fully covered and prevents any unwelcome surprises later."
If you’re unsure if the policy you’re looking at would hold up in the case of an incident, ask yourself what your worst-case scenario is. Maybe you have a tree trimming business, and your worst-case scenario is having a tree fall the wrong way and take out an entire house and everyone inside.
Does the policy you’re looking at provide enough coverage for that scenario? If not, does it cover enough to make you comfortable?
Are there standard exclusions that your business needs coverage for? If you own a lawn care business, you may think that general liability insurance coverage for your small business would cover claims from third parties that your all-natural lawn care treatments polluted a nearby water supply.
Pollution insurance, however, is a standard general liability exclusion that needs to be bought separately. Examples like this are good reasons to have someone review your quotes with you to ensure you’re getting the best match for your business.
Last but not least, start coverage! With a fast and accurate business like CoverHound, you can expect your coverage to begin within 24 hours, freeing you up to operate normally and empowering you to keep succeeding in your business.
CoverHound is an online insurance platform designed to provide fast, efficient, and accurate coverage to business owners everywhere. We partner with over a dozen top-rated carriers and compare quotes for you to ensure you get the best coverage at the right price.
As a small business owner, you can do more than buy small business insurance with CoverHound. We’ve got you covered with home, auto, and renters insurance, too. Invest in your future quickly and easily with the help of our seasoned insurance experts. Take our five-minute quiz today and get your no-hassle quote in no time.
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