Business liability insurance is something that most employees don’t think about unless that is part of the job description. Now that you’ve started your own business I bet you think you can just sit back and start raking in the dough, right. Wrong.
Now that you are the boss, you are the one that is responsible for stuff when things go wrong. Is your business prepared in case of a major lawsuit? Do you have the necessary insurance in place? If you do great, do not tell everyone that you have insurance.
Seriously you should not go bragging about the insurance that you’ve purchased for your business because someone will try you. Someone will make a bogus claim just so they can collect on the insurance money that you have. Yes, I know that bites, but don’t let that scare you out of purchasing adequate business liability insurance for your company. This article will discuss a few types of business liability insurance that you may need to purchase for your business.
General Liability Insurance
General Liability insurance is just like what it sounds like. Basically it acts as sort of an umbrella type of insurance. It covers your business from claims arising because of your advertising, injury claims or property damage.
Product Liability Insurance
If you are a manufacturer this type of insurance might interest you. This insurance protects your business if someone gets hurt because of one of your products.
Insurance is a very complicated matter. This article was meant to be a GUIDE. There have literally been entire books written on the subject of insurance. Be sure to get quotes from several different insurance carriers before you commit to one particular vendor over another one. Talk to an attorney to determine which type of insurance would be the correct type of insurance for your company.
