9 Dec No Comments admin Uncategorized

Whether you’re operating a small business from home or have inherited your family’s business, general liability insurance is the kind of coverage imperative to protect your business from a variety of claims—bodily harm, personal injury, property damage—that could arise as a result of your operations.

General Liability Insurance for Small Business OwnersSmall business owners, especially those who are sole traders, have limited liability. This means that in the event of an emergency, they risk losing their personal assets and will be forced to shut down their business.

Unlike multinationals or corporate businesses, small-scale business owners cannot afford to pay millions of dollars if a client decides to take them to court.

This is where general liability insurance comes in. It also covers defamation to a third party.

Choosing the Best General Liability Insurance for Your Business

Covers What You Need

If you choose an insurance that covers the cost for bodily harm, but does not cover defamation, you will be in loss.

For instance, if one of your employees accidentally sends an email highlighting the client’s negative points to the client themself or another client, than to another employee, it can be difficult to cover costs if the client decides to take your business to court.

Similarly, if you’re operating a news agency and one of your reporters publishes an inaccurate or misrepresented article about a public figure, you would need insurance to cover libel.

Opt for More than One Insurance

It’s important to have another type of insurance along with general liability insurance. General liability may not cover you for negligence.

If you want to protect your business from negligence or personal injury, you will need to buy professional liability insurance.

Review Your Insurance Annually

It’s not necessary that your business will be the same as it was when you first set up. Requirements change when your business starts flourishing. Therefore, it’s important to review your insurance annually.

Assess the Risks Associated With Your Business

Let’s say you’re operating a hair salon; think about possible risks associated with it. There is a possibility that the hair dye used ends up irritating your customer’s scalp.

You’re operating an eatery; shortly after a customer leaves your restaurant, they suffer a bout of food poisoning.

Instances like these could bring hefty lawsuits your way. Are you protected?

If you’re a business owner looking for insurance, contact us. We manage the insurance quotes and paper work for you!