As a business owner, every transaction you complete can result in either a profit, or a risk.
Protecting your business from the impact of potential customer lawsuits should be the first order of business. And while only a precisely crafted Business liability insurance policy can shield your business from this expense and stress, it’s usually the last thing business owners handle.
What does business liability cover?
Liability insurance can cover the costs of legal fees, including court costs and the resulting award to the plaintiff.
Business liability insurance is appropriate for any business that could face potential lawsuits. There are many types that you may need, including but not limited to the following, depending on your business, and your tolerance for risk of financial loss:
- Personal Liability
- Business Liability
- Professional Liability
- Errors & Omissions Liability
- Cyber Liability
There are other risks that may be covered, including:
Bodily injury should a client trip and fall over your briefcase, or lose footing on a slippery floor, and you’re found legally liable for their injury.
Property damage and data loss should you accidentally spill coffee on a client’s server that causes data loss, or a tree falls on their car in your parking lot.
Personal injury should an employee talk to a fellow employee of the shop about one of your clients in a false and unflattering way. The client learns of this discussion and sues for slander.
Do I really need Liability Insurance?
You should consider general liability insurance coverage, also called commercial general liability insurance, if either you or your employees:
Interact with clients face to face. If you make sales calls or visit clients at their place of business, their home, or they visit your location.
Have access to equipment that’s not yours. Business liability is ideal for IT professionals, electricians, other repair or technical servicers.
Represent your client’s business to other companies.
Use third-party locations for any business related activities. Business liability can cover architects, designers, wedding planners, etc.
If you are required to maintain general liability insurance as part of a contract.
The Ozark Insurance Agency Difference
You may think you want the cheapest insurance you can find, but realize you may not be getting everything you bargained for …
While most insurance products are similar in price and function, insurance providers are very different when it comes to structuring a policy that actually covers you.
There’s no such thing as a one-size-fits-all insurance policy when it comes to your business.
Fill out the quote request form and a Licensed Agent will be in touch to answer your questions and provide you with General Liability Quote options.