Many small business owners believe they’re too small to need liability insurance or believe they’re too safety conscious to have an accident happen to them. But accidents happen. Someone can slip and fall walking into your store an employee can get injured restocking inventory or a customer can claim you didn’t deliver with your product or service. Covering liability expenses can impact your bottom line right up to potentially putting you right out of business.
But there is a way to protect the business you’ve worked so hard to grow—commercial liability insurance. Regardless of the size of your company or the number of employees you should have the appropriate liability insurance to protect yourself your employees and your business.
Main Types of Business Liability Insurance
There are several different types of business liability insurance; what you will require will depend on your industry and the products or services you provide.
Of course this is not an exhaustive list of the different types of liability coverage for businesses. Without adequate liability insurance your business can be exposed to lawsuits which can be an enormous financial burden and even destroy the business you’ve worked so hard to create. Statistically the number of cases claims and settlements are on the rise in North America so business owners need to ensure they’re protected from the day they begin.
“It’s best to examine your insurance needs at least 90 days before you start operating your business or before your policy is up for renewal ” saysDoug Bruce Director of Research with the Canadian Federation of Business. He also suggests purchasing as much coverage as you can afford keeping in mind that the premiums you pay are tax deductible .
Bruce suggestsfinding a great independent insurance brokerthat can help you identify your insurance needs and find the best program that fits your business.
