Policies you are most familiar with are auto liability insurance required by many states, professional liability insurance for those who offer services to the public — for example hairdressers, and product liability insurance for manufacturers who offer products that are potentially harmful, contractors and employers.
Public policy requires many businesses to carry insurance to protect the public.
Business liability and risk
Premiums can be costly, depending on the nature of your business.
Consequently, many small businesses don’t opt for coverage, even though out of pocket legal defense or settlement can be high enough to shut down a small business. One claim can be enough to wipe out a business that took years to build.
Without liability insurance, not only the business assets can become vulnerable, but the owner’s personal assets are at risk.
According to the Bureau of Labor Statistics, in 2007 there were more than 325,000 cases of employees injured on the job due to negligence of the business owner.
Businesses need to assess their risk and exposure to determine whether they need liability insurance, even if it isn’t required by law.
Most businesses are required by law to have workers compensation insurance. Most employers pay about 8 % of total compensation towards life, health and disability insurance, a small percentage compared to disputing a claim,court costs and potential paid claims.
Those with the greatest liability risk include:
- shopping centers
- sporting venues
Risk always increases dramatically when alcohol or a sport is involved. The sheer volume of people who attend or frequent venues will increase liability insurance.
Very few large venues can afford not to have coverage.
Perhaps choosing to “invest” in liability insurance for your small business may be one of the most important decisions you make.
And by speaking with an insurance agent regarding liability coverage for your business they should be able to design a policy that protects your personal and business interests while keeping premiums within your budget.
In any event, it certainly doesn’t hurt to ask…
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Or you can search through our list of liability insurance providers for your State or Metro area that can help you get the insurance coverage you need.
Either way the choice is yours…