Anyone here know the basics of business liability insurance?

Business Forum Insurance
1

Starting up a new business and looking into business liability insurance. From what I’ve read, there are three types: general, product, and professional liability. How do new companies manage this? Any tips for setting up payroll and getting the right insurance coverage?

2

For payroll, QuickBooks is a good option if you’re small. If you’re larger, a payroll company can handle it all for you.

3

Drew said:
For payroll, QuickBooks is a good option if you’re small. If you’re larger, a payroll company can handle it all for you.

Good to know, thanks! How does this tie into the insurance setup?

4

@Gray
It’s mainly for tax purposes, so your records are ready when the insurance company needs it. Makes it official .

5

Anyone else forming an LLC to protect personal assets? My accountant recommended it, but I’m still unsure.

6

Aeron said:
Anyone else forming an LLC to protect personal assets? My accountant recommended it, but I’m still unsure.

Yeah, an LLC keeps your personal assets separate, which helps if you’re ever sued. Business liability insurance adds an extra layer of protection too.

7

@Pace
Thanks! Keeping things covered but simple is what I’m after.

8

If someone gets hurt on-site, general liability is a must. Covers most on-location incidents!

9

LORAH said:
If someone gets hurt on-site, general liability is a must. Covers most on-location incidents!

True! General is for on-site stuff, and professional liability covers advice-based services.

10

@Val
Makes sense. Product issues are under product liability, right?

11

FYI, forming an LLC can be done online with Legalzoom. Great if you want to keep it simple .

12

Keaton said:
FYI, forming an LLC can be done online with Legalzoom. Great if you want to keep it simple!

Is that only for small businesses, or do big companies do it too?

13

Adley said:

Keaton said:
FYI, forming an LLC can be done online with Legalzoom. Great if you want to keep it simple!

Is that only for small businesses, or do big companies do it too?

Mostly small ones, big companies usually use an attorney to set everything up properly.

14

Question for everyone: if an officer is killed on-site, can their family sue the insurance company?

15

Florian said:
Question for everyone: if an officer is killed on-site, can their family sue the insurance company?

Not really; the company would be responsible if it didn’t have good security, not the insurance provider.

16

@Drake
Got it, so security measures are a big deal for liability.