How do I determine how much Liability Insurance I need?


1

We're starting a small business that will provide services locally. How do I determine what type of and how much Liability Insurance I need?

Insurance Liability

asked Jan 29 '11 at 07:52
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Mcohen75
157 points

2 Answers


2

Talk to other similar (successful) businesses in your area and find out how much they carry. Talk to your attorney and ask what they recommend. Check with your local county/city/state and find out what is required as a minimum.

Between those three you should be able to home in on a good estimate.

answered Jan 29 '11 at 08:30
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Russell Steen
380 points
  • Also, an insurance broker can help you shop against multiple insurers and they have exp. with this type of question. – Michael Pryor 8 years ago
  • Brokers are good for getting the best price, but usually still have a financial incentive to sell you more than you really need (note: usually). If you can find a broker for a flat fee who doesn't take commission from the other end, then yeah, that would also be useful. – Russell Steen 8 years ago

0

If you're talking GL, most are 1m/2m (occurrence, aggregate). If you're leasing office space, they'll likely have their own requirements.

I just went through this exercise and had a really good experience with http://techinsurance.com.

answered Jan 30 '11 at 16:19
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Sean
1,149 points

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