Does Your Small Business Need Liability Insurance?

a person standing in front of a building

Every business, no matter how big or small, faces liability risks every day. Between the potential for injury and the potential for getting sued, you need to think about how you can best protect your business from huge financial losses.

What are these liability risks? These are a few examples:

A customer gets injured after slipping on a wet floor that wasn’t marked
You sign a contract with a customer that has a wrong figure in it

You visit a client and accidentally break a piece of equipment at his/her office
An employee falls down a staircase with a broken handrail

Just opening your doors opens your business up to a world of risks. To fully protect your business’ bank account, discuss liability insurance with your independent insurance agent. The three main types of this coverage are:

General liability: Covers lawsuits filed by third parties due to bodily injury, property damage or advertising injury.
Professional liability: Covers lawsuits filed by third parties due to errors, omissions or negligence on your part.

Workers compensation: Covers the expenses associated with employees who are injured on the job, including medical bills and lost wages.

Today’s litigious society makes liability insurance necessary for every business to consider. But if you need an even greater incentive, many other businesses will require you to have certain coverage before you can do business with them. You’re often required to provide a certificate of liability insurance before signing a vendor agreement, lease and many other important documents.

Your independent insurance agent can help you determine the right coverages to protect the unique risks of your business. Make sure to discuss anything you’re especially concerned about so you can be sure that your business is getting the best protection possible.

No Comments