Commercial Liability Insurance Questions?

myCOI brings certificate of insurance compliance management to a whole new level. We protect your company against the risk of underinsured claims, costly litigation and failed audits.

Protect Your Business From Costly Claims

Ask your CFO or Risk Manager just how much claims and lawsuits can cost your business. If you are collecting certificates just to confirm they were received, you have no guarantee that your requirements are being met. myCOI Central is built on a foundation of insurance industry logic to ensure you remain protected with the appropriate coverage.

Automate Your COI Tracking

There’s no more need to worry about stacks of certificates cluttering up your office or hours of frustrating phone calls and emails to chase down certificates. myCOI Central provides your company with a solution to automate your insurance certificate requests, collection, and compliance resolution, while also giving your team a single, centralized repository to view compliance. 

For Agents & Brokers

Win business and boost retention by providing agency branded, industry leading insurance tracking software to your insureds.  Offer software only or add on your own compliance review services.

"As a result of switching providers and partnering with myCOI, myself and our 11 Contract Administrators are spending about 1 hour of our time each week on insurance compliance versus 1 hour each day."
Victoria Pearson
Contract Administrator Manager
Alston Construction

Commercial Liability Insurance

Running a small business successfully and well means protecting it and all of your investments in it. While meeting the needs of your customers and clients is certainly the first priority, doing even that will be difficult if you can’t keep the doors open safely.

Why might this be the case? Well, anything that happens to your workers, your operations and work performed, or your vehicles becomes your responsibility, and so does any damage to your business and business assets due to accidents, claims, losses, disasters, and more.

Luckily, there is a way for you to protect your business against such issues. This is where commercial liability insurance becomes critical.

If you are serious about running and growing a small business, then you need to make sure that you have commercial liability insurance. There are different types available, from workers’ compensation insurance to general liability insurance and more, but overall, commercial insurance is important because it protects your business against the prospect of financial disaster. Financial disaster can come in many forms, and it’s impossible to predict when it might happen or what it might stem from. Likewise, it can be incredibly costly and difficult for your business to keep the doors open following such a disaster, and without that balance, your business could be forced to close forever. Unless, of course, you protect your business and your investments in it with commercial insurance.

When looking for an insurance policy for your business, it might be useful to start by looking at the top 10 commercial insurance companies. However, even though this is a good place to start, it’s also worth understanding that there is no singular best option for every company’s commercial insurance policy. You have to figure out what your specific business needs are and find the right policy to meet them.

General Liability Insurance for Contractors

To begin with, there is a good chance that your business works with contractors; most do! If that is the case, then you need to have comprehensive commercial general liability insurance, including your contractors carrying general liability insurance to insure their liabilities. Trust us, going with the cheapest general liability insurance small businesses can afford is a mistake.

Of course, you are probably also trying to keep a close eye on your overhead expenses: you do not want to spend more money than you have to, particularly in the wake of pandemic-driven hardships. At the same time, though, the cheapest general liability insurance policy may not meet the needs of your company. For example, the cheapest general liability insurance for business could end up having a significant deductible attached to it, and if you have to pay a lot of money out of pocket, then what is the purpose of having this insurance policy at all?

You might also find out that there is a lot of exclusionary language in a cheap insurance policy, which means that you will end up having to pay for something you thought was covered. And finally, if you purchase the cheapest policy, then you may not have enough liability insurance to cover certain costs following particular kinds of claims and losses. Especially for those caused by your contractors that were underinsured and or uninsured, leaving your company to cover the claim or loss.

These are all factors to consider when trying to find general liability insurance for contractors in particular. You also need to think about the industry in which you operate, since this will play a significant role in helping you find the certificate elements to review for your contractors. In addition, making sure you have the necessary coverage, as well as your contractors.

Best General Liability Insurance For Small Business

When trying to find the best liability insurance for small business, there are many factors to consider. For example, when looking for insurance companies, you will probably start by taking a look at the insurance companies near you. You may even search using terms such as “cheap small business insurance near me.” However, it’s also worth understanding that your insurance company does not need to be located close to your own company’s geographic location.

Instead, focus on finding the best general liability insurance for small business that you can. Liability insurance for small businesses is critical, so you need to take your time, evaluate the benefits and drawbacks of each option, and find the right insurance policy to meet your specific business needs. That way, you will know your business has the exact coverage you require. You should also consider the limits of the liability policy, the circumstances under which your claim will be paid out, how easy it will be for you to adjust that insurance policy if your business grows, and how expensive the policy will be. If you think about these factors ahead of time, then you will make it easier for yourself to find the right insurance policy to meet your business’s requirements.

Commercial General Insurance

You also need to make sure your business has been adequately protected with commercial general insurance. Here again, it’s worth remembering that there are small business insurance companies worldwide, and you do not necessarily need to go with a nationwide small business insurance policy that is close to your geographic location. What you may need to consider is if the insurance company is licensed in the state where you are located.

Instead, think carefully about the type of liability your business might face, or that others in your industry have to plan for. For example, do you have commercial vehicles or a building? Are you going to be working on someone’s utilities, property, or other assets? Do any of these elements create particular risks where something could go wrong with your work?

If you think about these factors ahead of time, then you will have an easier time finding the right commercial general insurance policy for your company. You also need to think about your coverage, the cost of your premium, and the expiration date of your insurance policy. In addition, make sure the company provides an in-depth review of your insurance policy procured. You will want to understand all limitations and exclusions related to your insurance policy.

Small Business Insurance

If you are wondering what you need in an effective small business insurance policy, then start by researching small business insurance near you. However, keep in mind that you do not necessarily have to go with a company that is close to your geographic location. Furthermore, you do not necessarily want to go with cheap small business insurance either: while these may seem to save you costs upfront, you may find yourself covered inadequately sometime in the future. Thus, it’s more important to go with an insurance policy that provides your business with the right protection and consider costs secondary to this.

Likewise, if you are wondering about your small business insurance requirements, there are several additional points of importance to keep in mind. First, you’ll need to have the right small business insurance for employees. If one of your employees gets hurt on the job, for example, is your insurance policy going to pay for that employee’s medical expenses? Will that insurance company pay to replace the lost income of that employee? These are important factors you have to consider as well, because you may be responsible for covering these things out of pocket if your insurance doesn’t.

Then, you also need to think about your insurance requirements for contractors and even clients as well. If you hire a contractor and they make a mistake that damages the client’s assets, you could be on the hook for the cost of that mistake. To avoid this, you need to make sure you have the proper third-party certificates with the correct additional insured or indemnified statuses that will cover the damages. How much coverage do you need? Under what circumstances is that claim going to be paid out? Plus, in addition to having an insurance policy that will protect your operations, employees, building, and vehicles, you also need to ensure your contractors have the correct protections to protect you from the liabilities that might come from their potential mistakes.

All in all, it is critical for you to have the right types of insurance in order to completely cover your business. However, with so many types of insurance in play, for your company and your contractors, you may also find that you have a hard time keeping track of your third parties insurance certificates. Here, using a solution such as a certificate tracking system could be a literal lifesaver.

Cheap General Liability Insurance for Contractors

If you’re a contractor and are wondering, “what does general liability insurance for contractors cover?” then the answer is it depends on what type of general liability insurance you have purchased. Here again though, it’s worth keeping in mind that you do not necessarily want to go with cheap general liability insurance for contractors that merely meets the minimum requirements of the law. While this meets legal requirements, it may not help you enough in the circumstances when you’d need it. So instead, you need to find the best general liability insurance for contractors that can cover your business appropriately.

Meanwhile, if your search leads you to look for “general liability insurance for contractors near me,” keep in mind that you do not need to limit yourself to insurance companies that are geographically close to your company’s own location. Instead, the most important consideration should be that your general liability insurance company covers any potential losses or disasters. This may include mistakes made by your company or other contractors your company hires, or third-party bodily injuries suffered on the site, and so on. In this way, you are not on the hook for the full cost of the resulting medical expenses, damages, or anything else. If you are wondering about the general liability insurance cost for contractors, then it’s worth understanding that this can vary widely as well. Of course, you do not want to overpay for your insurance policy; however, you do want to have the right coverage for your business. To manage this, you should compare the cost of the insurance policy to the coverage you are going to get. Make sure that all potential accidents have been covered considering that the ultimate goal of your insurance policy is to protect your business from financial disaster in all its forms.

Finally, if you have questions or concerns about your general liability insurance policy, then it is totally worth reaching out to trained insurance professionals who can help you evaluate your options. This can be the best way to find and implement the right policy for your business.