Shreveport Business Liability Insurance

Shreveport business liability insurance is, unfortunately, somewhat expensive. It will provide necessary protection for your small Shreveport company, but it costs a pretty penny! Luckily, Shreveport business liability insurance is tax deductible. Furthermore, you can take certain steps to improve the safety of your business, and lower your premiums.

It's important that you understand the subtleties of Shreveport business liability insurance, in terms of what it does and doesn't cover. For example, in certain situations, such as when you sign personally, you can still be held liable as an individual. It's also important to figure out what components of your Shreveport, LA company may require extra coverage. Cars, employees, products and liquor are just a few examples.

Lowering Your Premiums

Reducing the cost of your Shreveport business liability insurance may be easier than you think. It depends, mainly, on your insurer. A good Louisiana business insurer will happily lower your rates if you take certain safety measures. Shreveport business liability insurance companies base their rates on statistical risk, so if you can lower your risk, you ought to be able to lower your premiums.

Of course, as you might guess, not all insurers will offer you the option to reduce risk and lower your premiums. If you have yet to choose an insurer, you may want to ask different companies whether or not reducing your rates is a possibility. By all means, choose a Shreveport business liability insurance company that offers you this option, if you can, because it can save you a lot of money!

For example, you may be able to have your Shreveport employees take certain safety trainings, and lower your rates that way. It's important that you document these trainings, since insurance companies love to see documentation. In fact, whenever you call your insurer, notes are taken on your call. And, if anything important is said in a call, you may want to write a follow-up letter, because an insurance company won't take you on your word.

Believe it or not, keeping your Shreveport, LA office or workspace clean may reduce your premiums in some case. If the area is organized, the risk for a fire or accident is reduced. Some of it's pretty common sense: if someone could easily trip over the junk in your office, your liability is higher, so your premiums may be too.

Your business location will also impact your premiums; if you're located in downtown, Shreveport, LA? Your risk is higher because of the traffic and potential accidents. Located in the middle-of-nowhere in Louisiana? Again, high risk, because you're far from the fire station and hospital. It's good to set up your business in a safe part of town, that near medical facilities, but not too busy.

Business Liability Insurance Extras

Your Shreveport business liability insurance will cover you from third-party claims related to personal injury, advertising injury and property damage. So, if someone falls down the stairs of your Shreveport, Louisiana office and then sues you, your small business liability insurance will offer protection. If someone claims that your advertising injured their company, perhaps due to libel, you're covered. And, if someone claims your company damaged their property you're covered.

However, your Shreveport business liability insurance won't cover claims made about a product you're manufacturing or selling, unless you specify it in your policy. If you are producing or manufacturing a product, you need product liability insurance to cover those claims. For example, if the oven you sell blows up and burns a house down, you'd better have a product liability policy.

Also, if you have company cars, you need a commercial auto policy. Your basic liability coverage won't protect your cars unless, again, it's expressly include in your policy. Furthermore, your personal auto insurance won't cover you if you or an employee is driving a car for work purposes. In any case the last thing you want is to argue with your insurer over whether or not you're covered after a car accident, so you should check first.

If you're opening a bar or liquor store, you should know that you are not covered for liquor related claims. If someone gets intoxicated, say because they're over served by your bartender, you may be held liable for an accident that occurs. So, you'd better have special coverage for it!

Insuring a business, as you may have gathered, is less straightforward than insuring a car or a person. Every industry has different risks. Every company needs to have a policy written specifically to meet their particular risks. The best way to ensure that you have your risks well covered is to find a good Shreveport business liability insurance agent. He or she can help you find a good insurer, and develop a thorough policy to cover your company risks.

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