A business is normally a safe environment in which an employee or client can reasonably expect to feel secure on its premises. But unfortunately, sometimes things go wrong, and someone-either an client or an employee can be seriously hurt on the company site, or they may accuse the business of selling them defective or faulty equipment. Or they could be accused of false advertising. That’s when business liability insurance comes in, especially if you have a small business.
Business liability insurance is insurance that is designed to protect mainly small businesses from liability due to personal injury or property damages. As indicated earlier, mostly small businesses may benefit from having such insurance. Why is that? Because in the United States, nearly 80% of businesses are either composed of partnerships or sole proprietorships. For most of such business owners, this puts their small businesses at a particular risk.
There are 3 different types of the above insurance; they are:
-General Liability Insurance: This insurance protects small business owners from injury claims, property claims and advertising claims.
–Professional Liability Insurance: This kind of insurance coverage protects a small business from errors and omissions. This kind of insurance is especially good for doctors, in case they may be accused of malpractice and for independent contractors, particularly those who are technological consultants in certain work arrangements.
-Product Liability Insurance: This insurance protects small business that sell products that consumers may be injured by as a result of using such products or even its misuse.
No matter how good the reputation of a small business may be, at times, there will be problems. A patient is dissatisfied with a doctor’s performance, a consumer may accuse the proprietor of advertising a false product and some one who was injured on the owner’s property and now wants to sue.These are the kind of scenarios that will occur at a small business, and when they do, a business owner wants to be prepared. After all, they have their good name and reputation to protect, too.
This is why the above kinds of insurance is imperative if they do not want to incur losses. People can at times be cruel and unjust, even with small business owners, and they may well be acting out of a spirit of malice. But whether that is the case or not, small business owners still want to make sure they’re covered with business liability insurance. Because everyone has a right to protect themselves-even small business owners.
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