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| Typical costs: | - Premiums for liability insurance vary widely depending on the size of the business (in square footage and/or payroll), the risks involved and the exact type of coverage. A commercial liability policy for a home-based child care business runs $350-$700 or more a year, according to the National Network for Child Care. Professional liability coverage for a photographer runs $1,000-$1,500 annually, according to the Professional Photographers of America.
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| What should be included: | - Basically, general liability insurance covers medical or other costs if someone or their property is injured at your place of business, and legal expenses if you are sued for these liabilities. A general liability policy can also cover product liability,
- The Entrepreneuers' Help Page calls general liability insurance "as close to a must have as you may get when operating a business," and presents an overview of the common types of insurance needed by most small companies.
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| Shopping for liability insurance: | - Ask your insurance agent about liability coverage for your type of business. If you don't have an agent, Hoovers.com gives links to companies registered to sell liability coverage. Or check with your state insurance department for a list of registered companies in your area. The National Association of Insurance Commissioners gives links to state offices and a way to search for financial details and complaint histories for specific firms.
- Online quotes are available from NetQuote.com and MostChoice.com.
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Article updated November 2006 |
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