You're running a small business and you want to make sure it's protected. You have an insurance policy for your equipment and employees, but what about your business? Business Liabilities insurance is often missed by many business owners—and that can be a costly mistake. In this article, we'll break down why every company needs liabilities coverage and what it covers.

When Do You Need It?

Liability insurance is an essential part of any business, but not all businesses need it. If you're sued or involved in a lawsuit, liability insurance can help protect your assets by paying for damages and legal fees. But what if you don't have the cash on hand to pay those costs? Liability insurance also covers the cost of settling out-of-court or going through court proceedings--and sometimes even pays fines that result from breaking laws or regulations set forth by government agencies.

If any of these scenarios apply to your business, then it makes sense for you to invest in liability coverage!

What Can Liabilities Insurance Cover?

It's important to remember that liabilities insurance covers the cost of medical expenses, property damage, and legal fees. This means that if someone is injured on your premises or someone sues you for an injury they sustained on your property, liabilities insurance will cover their medical bills and any compensation they might receive from a lawsuit.

Public Liability Insurance Service can also cover the cost of a product recall or toxic spill cleanup--any time there's been an incident where someone has been harmed by something related to your business (even if it wasn't directly caused by you), liabilities coverage kicks in.

Do You Need More Than One Policy?

Your business is likely to need more than one type of insurance. Business Liabilities insurance is not a substitute for general liability insurance, workers' compensation, or property and casualty insurance.

For example: If your company has a fire in its warehouse, you could be liable for damages and injuries caused by the fire. You would purchase property and casualty coverage for that event. But if someone slips on spilled coffee in your office and sues you over it (a personal injury claim), then this would fall under your business liability policy because it happened at work or due to something related to work activities.

Liabilities insurance is a good idea for businesses

Liability insurance is a good idea for businesses. It protects your business from lawsuits and claims arising from injuries to others on your property, or harm caused by products you sell or services you provide.

Some businesses may not need liability insurance because they're very small (less than $100,000 in annual revenue), but most should consider taking out this type of policy. Liability insurance can protect your business from lawsuits or claims related to:

• Personal injury resulting from accidents that happen on your property, such as slips and falls;

• Damage caused by defective products; and/or

• Damage caused by faulty services provided by employees or contractors

Conclusion

Liabilities insurance can be a great way to protect your business from lawsuits and other financial losses. If you're not sure whether or not this type of coverage is right for you, we recommend talking with an agent who can help you make an informed decision.

Source:https://wakelet.com/wake/lquD7p7VKnuQpfFvmpNDH