Hi all, trying to understand biz insurance but don’t really know where to start. I know I need it, but I don’t know what type I would fall under and what all coverage I need.
Is there a process people use? Like something to figure out what the risks and potential costs are, which insurance policies cover what, and then use that to decide limits and deductibles. At least then I’d be able to know how to shop around for quotes maybe. I also need to make sure whatever I get meets requirements for client contracts.
Does anyone have tools they use for this? Or a method? Thanks!
You’ve already outlined the perfect method. It’s called a risk assessment.
First, list your “what-ifs” (e.g., “What if my product hurts someone?” or “What if my advice costs a client money?”).
Then, match these risks to the three main policy types: General Liability (for physical risks), Professional Liability (for service/advice risks), and Cyber Liability (for data breaches).
The best “tool” isn’t an app; it’s an independent insurance broker who specializes in your industry. You give them your risk list and your client contracts (which state your required coverage). The broker then does the shopping, explains the policies, and gets you the right quotes.