How Much Liability Insurance Do I Need for My Business?

23 November 2022
How Much Liability Insurance Do I Need for My Business?

“How much liability insurance do I need for my business,” is a question many entrepreneurs have. The short answer is as much as your budget will allow.

Additional factors that affect the cost of your liability insurance are:

  • the type of business you operate
  • the annual amount of your gross sales/receipts and employee payroll

The Basics of Liability Insurance

When it comes to liability insurance fundamentals, the phrase “business liability insurance” is a wide notion.

There Are Many Types of Business Liability Insurance

It’s important to have a conversation with your local, independent insurance agent to determine which types of liability insurance you should invest in for your business. Below are the most common types of business liability.

  • General Liability
  • Professional Liability
  • Automobile Liability (even if you don’t own one)
  • Employee Practices Liability Insurance
  • Cyber Liability
  • And others

How Much Liability Insurance is Needed?

Liability insurance protects and defends your business for everything it’s legally obligated to pay for because of its operations, subject to policy coverage and exclusions. When thinking about how much liability insurance you need, there are two important pieces of data you should consider:

  • how much is your business worth?
  • what are your contractual obligations to provide liability insurance?

Our team of expert agents at Inszone Insurance Services are here to help you determine what’s best for you and your business.

Juan Cruz

VP – Marketing & Development

Juan Cruz is the VP – Marketing & Development at Inszone Insurance Services. He joined the company in 2016, bringing with him over 7 years of experience in direct response Marketing. Juan holds a Bachelor’s degree in Global Studies as well as a minor in Anthropology from the University of California Los Angeles (UCLA). In his current role at Inszone he oversees all aspects of marketing, entrusted with the task of building a consistent brand as well as successful direct response campaigns. During his career, Juan has helped multiple companies improve and expand their digital presence, grow their lead generation, and improve their brand.

Juan is a travel enthusiast with 25 countries visited so far, Scuba diver and Bike rider, believes in working hard to enjoy life to the fullest.

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