General Liability and Other Insurance

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Most people overlook insurance when they’re starting their business. Some get a general liability cover and assume that they are sufficiently covered. But what does “general liability” mean, and how would you know if you need an additional policy?

Ryan Andrew joins us today to shed light on some of the things you should consider when it comes to insuring your business. Ryan is from The Andrew Agency located in Richmond, Virginia, offering professional insurance services in Virginia, Maryland, and D.C.

Key Points

  • What does general liability cover?
  • How Hans got into trouble over an insurance policy.
  • As your business grows, and at least once annually, update your insurance agent to help. you determine whether or not you are still adequately insured.
  • Less than 10% of active businesses have cyber liability.
  • When would you need cyber liability insurance?
  • Small businesses are just as susceptible as large corporations to cyber-crime.
  • One in three businesses will get sued.
  • When a breach occurs, the cost of sorting it out and subsequently complying with regulation could shut down a small business.
  • Cyber liability is new territory for insurance companies, but they are developing products to meet your needs.
  • Professional liability and cyber liability are a higher risk to the business than general liability.
  • Your insurance policy is a working document that evolves as your business evolves.
  • When starting a business, take time to set it on a solid foundation.

This is worth listening to!

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