When you’re just starting out in business, it’s easy to cut back on your business insurance. Many small business owners believe since they have little money and few assets, no one is going to sue them. Natural disasters? Not likely.
Unfortunately, that’s not how things always work out. Here are three small business realities:
Small companies get sued all the time. Just because your business is a corporation or limited liability company (LLC), that doesn’t mean your personal assets are always protected. Under certain circumstances, you could be held personally liable if you are slapped with a lawsuit. That’s whyliability insurance/business insurance is so vital. Depending on your business, you may need general liability insurance, in addition to professional liability coverage.
Natural disasters can happen anywhere, and many businesses do not survive them. Weather patterns are unpredictable, especially when flooding occurs. Disasters are expensive.
General Liability Insurance is a vital shield for business owners, providing protection against potential legal disputes in the complex realm of business liability and torts. This insurance ensures the security of your business and the income of your employees.
General Liability Insurance comprehensively covers claims related to property damage or bodily injury inflicted upon third parties due to your business operations, premises, or product usage. It also extends its coverage to include the expenses associated with legal defense for the insured party.
Workers compensation is a crucial safety net designed to provide financial and medical support to employees who suffer injuries or illnesses in the workplace. This system is essential due to the prevalence of workplace injuries, the unique challenges faced by medium-sized companies, and the significant financial burden of work-related incidents. It ensures that injured workers receive the necessary benefits and compensation during their recovery, contributing to their well-being and financial security while also addressing the substantial costs associated with workplace accidents.