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If you established a limited liability company (LLC), you chose that type of entity for the protection it provides to your personal assets, along with the tax benefits. Unfortunately, even an LLC cannot entirely protect you from some risks. While your personal assets are generally protected, in certain situations, you have almost zero protection. For example, without business insurance, a slip and fall injury accident on your business property could result in you being held liable and forced to pay the damages associated with the injuries.
The type of insurance appropriate for your enterprise could be general liability insurance, professional liability insurance, or in many cases, both. Your personal assets are still at risk in several scenarios. If you have personally guaranteed a business loan, a lawsuit filed against your LLC could endanger your personal assets. If you or an employee engaged in an illegal act, even if you were unaware of their actions, your home or other valuable assets could come into play in a lawsuit. Our local agent can help you choose the best business insurance for your LLC.
We live in a litigious society, and over the course of the lifecycle of an LLC, it is not uncommon for a lawsuit to be filed against a business. Even if the legal action against you is unwarranted, you will still incur the cost of defending against a legal threat without a business insurance policy in place.
Professional liability insurance for an LLC protects your enterprise from legal actions related to mistakes made while doing business. This coverage is also called E&O (errors and omissions) insurance. This is a critical type of insurance for a wide range of professionals.
Small businesses established as an LLC may need general liability insurance, which is very affordable and often the best choice for a startup or smaller business. It covers you should you accidentally damage customer property and a range of other basic risks, including property damage, bodily injury, court fees, legal fees, medical payments, damages associated with advertisements, or accusations of slander, libel, or defamation.
This type of business insurance is usually very affordable and is the first insurance for a smaller business. As the business grows, have your policies reviewed every year, as you may need to increase limits or add professional liability insurance.
Our local agent can evaluate your unique situation and advise you about the business insurances you need to protect your assets and the hard work of establishing your company. Various types of insurance are not just a good idea – the state may mandate them. Some of the coverages you may need beyond professional liability insurance or general liability insurance include:
Set a time to meet with one of our agents. We can guide you to the right policies for your LLC and always seek out the best coverage at the lowest rates.Filed Under: Business Insurance | Tagged With: General Liability Insurance, Professional Liability Insurance