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Types Of Small Business Liability Insurance And Why You Need ItBy Expert Author: Stam Bett
Unfortunately, too many businesses, particularly small business, ignore business liability insurance in its many forms. This is a step you can't afford to skip! While you probably protect your business from risks by insuring your physical assets, you aren't considering many types of liabilities you're facing if you don't get small business liability insurance. Your business may be just one lawsuit away from bankruptcy!
Types of Small Business Liability Insurance
Business liability insurance is very important because it secures your business against many forms of liability, such as product liability, professional liability and public liability. The type of insurance you choose will depend a great deal on your business. A doctor or accountant, for example, should have professional liability insurance while businesses that sell or manufacture products may need product liability insurance.
Business General Liability Insurance
Business general liability insurance is designed to protect you against claims of liability from a physical injury or property damage due to negligence. General business liability insurance will compensate you for medical expenses of bodily injury caused to an employee, customer or the general public and also offer protection against damage claims to the property of a third party.
Professional Liability Insurance
This form of specialty insurance is important for professionals who provide a service, from lawyers and doctors to plumbers, accountants and consultants. This important form of insurance offers protection from liability as the result of breach of confidence, malpractice, loss of data, inadvertent mistakes and much more.
Product Liability Insurance
Product liability insurance protects you if someone is hurt by a defective product sold or manufactured by your business. Your insurance policy will cover legal expenses and compensation claims.
Why is Small Business Liability Insurance So Important?
Thousands of businesses fail every year as a result of lawsuits. The cost to defend yourself can quickly top $100,000, even if you ultimately win. Unless you have a great deal of cash to throw at lawsuits that come up if someone slips and falls or accuses you of giving bad advice, general business liability insurance and the other forms are absolutely essential.
Liability insurance will protect you against claims from malicious ads, damages and injuries, including injuries sustained by employees, customers or the general public. If your business causes damage to any property, you will probably face liability for this damage, which is also covered by insurance. Your business insurance will also cover the medical expenses and litigation expenses for lawsuits resulting from injuries, and you will get an attorney to represent you in court.
If you don't currently have liability insurance, now is the time. Consult with an insurance company to get an adequate amount of insurance to keep your business safe.
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