Is it important that small business owners have general liability insurance?  Many smaller companies believe that they can operate without insurance.  Small companies are always looking for ways to cut costs and decrease their operating budget but cutting insurance costs is not the best way to accomplish this.  Business insurance protects small business owners from a variety of frivolous lawsuits that are brought against business owners on a daily basis.

When a lawsuit is brought against a small business owner defending the claim alone is often enough to leave a small company with a severe debt if not the need to file for bankruptcy protection.  A great way to avoid this happening to you is to purchase liability insurance for your small business. The small amount of money that is put out to cover the costs of the insurance policy annually could save your business one day.  The insurance premium that is charged will depend on the type of insurance and amount that is needed to properly insure your small business.

To find a great rate on small business insurance premiums you may need to shop around.  Be careful when shopping different insurance companies because many times a significantly lower premium also comes with a considerably inferior policy.  Not all insurance policies are created equal so be sure to know exactly what you are paying for and exactly what is covered.

The rate should not be drastically different from company to company for the exact same coverage.  Do a side by side comparison of the policies you are considering and analyze the service provided by each company.  Sometimes you will find the extra cost is worth the more personal attention you receive.  This will be especially important if you are ever in need of using the policy.

Another consideration is instead of buying several different business insurance policies to cover the various needs you have with to insure consider a business owners policy.  A BOP is a package of insurance policies related to your business industry.  The one tip you will need when purchasing a BOP is to make sure that the coverage meets all of your business needs.  If it does not cover an essential item need in your business coverage you will be better suited to look into individual policy coverage.  Buying all of your business insurance policies from one insurance company often saves you a percentage of the premium as well; this is considered a multi policy discount.

Another tip that is important when choosing a company to handle your business insurance needs is industry settlements.  Unfortunately there is a chance, a considerable chance that the insurance policy will be needed at some point during the process of operating your business.  This will give you look at what your needs are when it comes to settlements and dollar amounts that have been awarded as well as the reasons for the lawsuit and settlement.  Consider your business insurance doesn’t only cover you for costly litigation it also provides a solid foundation on which to build the success of your business.

For more information on business insurance throughout Livingston County, MI contact Cobb-Hall Insurance. We are experts in all types of insurance needs and look forward to helping you with all of your insurance needs. Check us out online at