Small Business Liability Insurance

Business Product Liability Insurance
Approximate cost of business liability insurance for Virginia?

I understand that there is no “average” for liability insurance. In my specific case, I live in central Virginia, have leased a one-room office and offer financial education (not a CFP, rather teach people how to budget, etc. – not sell financial products).

OK, you don’t get “property damage” liability on a business policy.

Sounds like you’re just a consultant type guy – liability will likely be based on either square footage or gross sales, but either way, I”m betting that a million of coverage, should run you around $750 a year.

Excluding professional liability.

Something to think about, though, you might be able to get a bop – including some property coverage – for $600 a year.

Choosing Insurance for Your Business

Product Liability Insurance Quote

Product responsibility insurance is a type of cover that offers protection against damages paid if your product is accountable for injury to folk or damage to property. Some insurers don’t offer this as a standalone product, but it will often be available as a part of a business insurance package. This insurance may be helpful if you produce, correct or supply any sort of ‘product’ as you may be considered liable if the product is known as ‘not fit for purpose’.

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Product guilt insurance policies insure you against damages paid out because a product you have supplied, manufactured or serviced causes property damage or injury. In the case of personal injury, you will be covered if the NHS attempts to recover the price of hospital treatment and ambulance costs.

Who is responsible?

The manufacturer of the product is typically responsible, but claims are sometimes brought against the supplier first. Even if you did not turn out the product, you’ll still be liable for damages if the maker has gone out of business or you cannot identify the maker. If you change, correct or refurbish the product then you’ll also be liable, as well as if you imported it from outside the ECU or if the name of your business is on the product.

Any sales contract that you give to your consumer must have included terms for the return of flawed goods, and your supply contract must include details of product safety, quality control and product returns.

Cover levels
Most businesses have cover of almost £2 million. The common range is between £1 million and £5 million, and the level will be decided by the kind of product and its intended use.

They’ll be able to help choose a policy that fits your wishes and also check that your business has the correct contracts and terms in place for cover to be useful.

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