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If you own a small business in the Treasure State, this information will help you understand Montana Commercial Liability insurance and protect your business and your personal assets from legal claims and settlements that can spell financial ruin. Having sufficient general liability insurance is an important part of any small business plan in Montana.
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If you own a small business in the Montana , this information will help you understand Montana Commercial Liability insurance and protect your business and your personal assets from legal claims and settlements that can spell financial ruin. Whether you work in Billings, Bozeman, Butte, Great Falls, Missoula, Helena or anywhere else in the Treasure State having sufficient commercial liability coverage is an important part of any small business plan in Montana.
A small business is defined as any company with fewer than 500 employees. Small business is vital to Montana’s economic well-being, accounting for over 97% of all state employers. Of Montana’s 498,930 small businesses in 2008 (the latest data available), 117,286 were small employers, accounting for over 49% of the state’s private-sector jobs. Another 381,644 were one-person operations with no employees.
Source: SBA Montana Small Business Profile 2011.
Commercial liability insurance (also called business liability insurance and commercial general liability insurance) protects your Montana business from financial loss resulting from claims of injury or damage cause to others by you or your employees. A policy typically covers:
Commercial Liability Insurance is not mandatory for businesses operating in Montana. Montana is a modified comparative negligence fault state. A plaintiff can only recover if he or she is no more than 505 at fault. There is $10 million cap or 3% of the defendant’s net worth for personal injury rewards. The statute of limitations for personal injury is 3 years for negligent conduct and 2 year for intentional conduct. Product liability statute of limitations is 3 years. Accidents and lawsuits (legitimate and frivolous) do happen in Montana. If you own property or other valuable assets you would be wise to invest in sufficient commercial general liability coverage for your Montana small businesses.
Each situation is unique, but as a general guideline, the type of Montana business you operate or products you manufacture should determine how much Montana commercial general liability insurance you need. A good rule of thumb for most small businesses is between $500,000 and $1 million. However, if yours is a high-risk business such as the building trades or has a high volume of interaction with the public such as a restaurant or retail business, you should consider increasing your coverage. Note that if you operate out of your home, your homeowner’s or renter’s insurance has limited coverage for business liability and loss.
Montana commercial liability insurance premiums are based on a number of factors including the types of service or products you provide, the number of people you employ, how long you’ve been in business, and your claims history. Coverage is typically capped at a specific dollar amount for your policy period.
Mandatory
Optional
Montana State Auditor and Commissioner of Insurance and Securities
This agency is responsible for regulating all insurance policies sold in the state, including commercial liability coverage.
| Visit: | www.sao.mt.gov. |
| Call: | (800) 332-6148 |
| Write: | Office of the Montana State Auditor, Commissioner of Securities and Insurance 840 Helena Ave., Helena, MT 59601 |
Montana Small Business Administration
The SBA is an independent agency of the federal government created to aid, counsel, assist and protect the interests of small business concerns and maintains a District Office in Helena. Get the link to the Montana SBA at www.sba.gov.
National Association of Insurance Commissioners (NAIC)
This is an organization of insurance regulators from the 50 states, District of Columbia and the five U.S. territories. NAIC provides a forum for the development of uniform policies when appropriate. It also offers an online form for filing complaints, reporting suspected insurance fraud and downloading key financial information about insurance carriers at naic.org.
Insurance Information Institute (III)
This organization’s mission is to improve public understanding of insurance – what it is and how it works. Visit III at www.iii.org.
E-Insure
Get competitive quotes for commercial liability insurance and all your business insurance needs at www.EINSURANCE.com/business-insurance.
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