Liability coverage provides for your legal defense if a lawsuit is brought against you as a result of a covered accident. As a resident of Ohio, there are two types of liability coverage your insurance policy must include: property damage and bodily injury.
What are the requirements for liability insurance?
- Letter on the insurance company’s letterhead requesting a filer account
- Whether you will be filing BIPD,Cargo,Surety Bond or Trust Fund coverage
- Home office address of the insurance company
- Billing address,if that address is different from the home office address
- Name of a contact person with that insurance company
How much does general liability insurance cost?
- The most common type of commercial insurance, general liability insurance, costs about $30 per month. As an entrepreneur, you are putting countless hours and energy into your business, and this coverage can protect what you are building. Independent contractors may not need the same insurance coverage as a larger company.
What is the best liability insurance for small business?
- CoverWallet: Best for comparing online quotes and managing all business insurance policies in one place
- Simply Business: Best for comparing online quotes
- Commercialinsurance.net: Best if you prefer speaking to an agent quickly
- Certainly Insurance: Best for offering the cheapest price and being backed by a reputable company
What does general liability insurance cover?
- Bodily injury. Bodily injury claims are relatively common. ...
- Property damage. You could be legally responsible if someone else’s property is damaged while on your premises when you own a business.
- Copyright infringement. ...
- Reputational harm. ...
- Advertising injury. ...