A lot of people have been asking me lately how to get liability insurance for a small business. To answer this question, I am going to talk about the different types of policies that are available and what they offer you in terms of coverage.
The first is called general liability insurance. This type is the most common one that small businesses purchase because it covers your company when there is an unintentional act or omission that causes damage to someone else’s property or person. General Liability Insurance policies cover things like slips & fall at your store, injuries caused by defective products, etc.
The next policy we will be talking about is product liability insurance which protects you if somebody sues you claiming physical injury from using your product or damages caused by the use of your product. This insurance will cover the cost of your legal defense and any damages awarded by a court. The third policy we are going to talk about is professional liability insurance which covers you if for some reason a past client sues you to get their money back.
Professional Liability Insurance also protects you from libel or slander caused by any work done on behalf of that client. It will cover the cost of defending yourself in court and any damages awarded by a court.
A brief explanation of liability insurance
Insurance is a means to protect yourself against financial loss without having to pay the full amount of that loss upfront. In most cases, you have no way of knowing in advance what unfortunate event may happen, so it often makes sense to spread the risk with other people rather than going it alone. This is one of many reasons why a great number of people decide to purchase insurance policies.
When you purchase a liability policy, it protects against the financial losses that result from injuring another person or damaging their property. This is typically done by providing an income stream to cover medical expenses and lost wages while also paying for legal fees and court costs should the injured party decide to file a lawsuit. Of course, it will also cover any damage to their property, whether they own the building that your errant baseball broke a window in or if there was some form of an accident.
Just like most other types of insurance, you usually pay a premium for this coverage and may need to prove to the insurer that you are financially responsible enough for them to grant you coverage. If you do not have a long-term track record of being financially responsible, it is likely that your application will be rejected. Likewise, if you have filed for bankruptcy or had any other major financial problems in the past, this may also result in a denial.
Why you need it for your small business to be on Instagram
In the battle of social media platforms, it can be easy to underestimate the power of Instagram. People might think that it is a platform only for people with a considerable amount of followers and influence, or people who want pictures of beautiful things all day long. However, you should not make these mistakes if your small business is on Instagram. Here is why you need it for your business to be on Instagram in 2018 (or any time of the year).
1. You can make use of hashtags
You might know this already, but using relevant hashtags when posting new content on Instagram has great benefits for gaining more exposure and visibility. When someone searches for these hashtags, your profile will be displayed in the search results. If you are using the right hashtags, your chances of being seen by users is great. This also makes it easier to jump on trends when they are happening, for example, the #loveis hashtag which was trending last week.
2. You can engage with other businesses
A lot of businesses think that Instagram is only a personal platform where you can post pictures of your family and friends. That is not the case. You can connect with other businesses just like you do on Twitter, LinkedIn or Facebook. Research some relevant hashtags and add them in your comments when uploading new content. You will be surprised by how many likes and follows you can get when doing this.
3. You can be a part of video marketing trends
Another reason why you should have your small business on Instagram is that you can try out new ways to promote it in 2018, such as developing a strong presence on YouTube. Videos are the way to go in 2018, and Instagram just made their IGTV platform available to the public in June 2018. If you want to be part of this growing trend, then Instagram is a must-have for your small business.
4. You can post new content on mobile
Do not underestimate the power of mobile social media platforms like Instagram. People are using their smartphones more than ever these days, and chances are that your customers and business partners are using them as well. Instead of posting long content on your “regular” social media platforms, Instagram stories are a great addition to reaching people through their mobile phones with short posts that disappear after 24 hours.
5. You can learn from brands (and you should)
Finally, think about the fact that many big brands such as Coca-Cola, Nike, and Starbucks are already using Instagram to their advantage. If they can make use of it, so can you! The trick is to do good research and be creative about how you present your small business in the right way.
It all comes down to content and engagement (the same thing applies to other social media platforms). You can learn a lot from the big brands and see how they manage to create good content for their fans and followers on Instagram (and on other social media platforms as well).
Like we already mentioned, Instagram is not the platform you should underestimate if you own a small business that is present online. It might be different than Twitter or Facebook but there is a lot you can do with it. It is not just about posting beautiful pictures of your products but also engaging with customers and other businesses, learning from big brands, and more. If you want to succeed online in 2018, then Instagram should be part of your strategy.
Why getting this insurance is so important for your small business
If you own a small business, chances are one of the last things on your mind is making sure that you have enough insurance to protect it. After all, there’s nothing more frustrating than having to spend money on additional coverages when you feel as though you already have too much of your hard-earned cash flowing out of the door. Not only that, but you may also think your business is too small to make it worthwhile.
Your business may be small now, but what about in the future? Is there a chance you could expand and perhaps even go public one day? These are questions many business owners fail to ask themselves when they start their company. They just assume that they’re too small to matter and that they will never require additional insurance.
But it doesn’t have to be this way. By investing in the right type of business insurance now, you can save yourself a lot of potential trouble down the line. Don’t gamble with your finances by taking any risks. Take steps now to ensure your company is protected for the long haul.
Conclusion
Most of the time, liability insurance is a given for any type of business. However, if you’re running your small business on Instagram and don’t have this coverage in place yet, it’s important to get it now. This way, when something goes wrong with one of your products or services that results in harm to someone else (or their property), you’ll be able to quickly address the situation without worrying about financial ruin such as fines and lawsuits.
As an additional benefit, many types of insurance will cover damages caused by third-party sources like weather events or vandalism while others may only provide protection against employee negligence. These are all things worth considering before jumping into social media marketing without first getting your basic legal protections sorted out!
