Liability Insurance Cost
liability insurance cost
Homeowners Liability Insurance – How to Get the Best Rate
How much would liability insurance cost?
I need to know how much it would cost to have general liability insurance and E&O. I live in California. thanks.
I will be a home inspector. I will be the only employee of my company.
That’s impossible to say. What are you insuring? A business, a professional. What kind of business. How many employees? Will the public be coming onto the property? How many? Where is the building? How old is the building? What kind of hazards are there? Will you have a safety professional or anyone trained in safety? Is it in a flood zone? Earthquake zone? Yes, those are relevant to liability insurance if you don’t have proper precautions. If the building is old, are there safety hazards? Is the place maintained?
E&O would be more expensive with some kinds of businesses than others, especially personal services like accounting and law. Not so much for a notary.
These are just some of the questions that an insurance company will ask. Your best bet is to contact a number of insurance companies and get quotes after you answer all their questions.
Product Liability Insurance
Product responsibility insurance is a type of cover that protects you against damages paid if your product is responsible for injury to people or damage to property. Some insurers do not offer this as a standalone product, but it will regularly be available as an element of a business insurance package. This insurance could be useful if you produce, repair or supply any sort of ‘product’ as you could be considered responsible if the product is regarded as ‘not fit for purpose’. It is irrelevant what size your business is, as the cover level can be changed appropriately.
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Details of cover
Product liability insurance programs insure you against damages paid out because a product you have supplied, made or serviced causes property damage or injury.
Who is responsible?
If you modify, repair or refurbish the product then you can also be liable, as well as if you imported it from outside the EU or if the name of your business is on the product.
Qualifying claims
Any sales contract that you give to your purchaser must have included terms for the return of defective goods, and your supply contract must include details of product safety, QC and product returns.
Cover levels
You need to consider chatting to a specialist if you are considering product liability insurance. They will be able to help choose a policy that suits your requirements and also check that your business has the proper contracts and terms in place for cover to be effective.
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