Is your small business insured? Are you carrying the right kind of insurance to protect you, your company, your employees and your customers? These are the questions we faced as we were working to launch our company, OfficeDrop. We found that government-mandated insurance such as workers’ compensation go only so far in providing adequate protection. To ensure that all the sweat and money that went into building our business is adequately protected, we needed to carry other forms of insurance. After spending many days talking to various insurance advisors, we narrowed down the insurances to a handful.

Also known as employer’s liability insurance, this insurance is mandatory in every state. By providing workers’ compensation insurance, your company can award employees monetary sums in the event that an employee is injured or disabled while on the job. Since coverage is provided in exchange for the employee’s right to take legal action against the company, you will be protected from lawsuits in the case of employee injury or death.

If your company owns vehicles, then all 50 states require you to carry business auto insurance. The extent of coverage will depend on who drives the vehicles and what your state requires.

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Landowners Liability Insurance is a type of insurance that is used to protect someone that owns a plot land in any case where a third party may injure themselves on the land and then hold the owner of the land responsible. You can get this specific insurance for most types of land such as fields, woodland, undeveloped pasture and even lakes, ponds and streams. This insurance is especially important if the public has rights of access on the land as the more people that walk on it means that there will obviously be a higher risk of someone injuring themselves at some point.

There are three main levels of cover that you can get with Landowners Liability Insurance starting from the lowest level of one million pounds and increasing to either two million or five million pounds limit of liability. This limit is basically the maximum that the insurers will pay out following any claim, which is why most people tend to get the minimum of one million pounds cover because it would be quite hard for someone to claim damages of over one million pounds from you if they injured themselves on your land.

Most prices start from around one hundred pounds for a yearly policy but there are various things that can affect the price of the premium. There are certain questions that most insurers will ask you such as whether there are any automatic gates or barriers on the land, whether there are any watercourses or water features on or adjacent to the land and things such as what the land is used for, how long you’ve owned it and any previous uses of the land.

Obviously the lowest premiums would be for the basic landowner’s liability insurance only and should you require any of the add-ons that you can get then you would be looking at paying a higher premium. There are various extras that you can have on the policy such as Legal Expenses Insurance or Employers Liability if you employ anyone to take care of the land. You can also get Straying of Livestock added on to the policy which would cover you if you had any animals on the land which then escaped and caused a crash or something.

Liability insurance is when you cover any visible or possible liability that you may have with proper insurance. When businesses or commercial establishments purchase insurance to cover their liabilities, it is called as commercial liability insurance.

One has many options of applying for commercial liability insurance. However it is the insurance company that, by using their underwriting standards, determines if the business is eligible for insurance and for how much. The insurance companies have classifications on businesses, and any new commercial liability insurance has to fall in one of those classifications. This means that even a company with a totally clean record might still have to pay a high premium for commercial liability insurance.