With Christmas and the New Year fast approaching, business owners across the country are evaluating their progress over the past 12 months and where there is room for improvement making changes to their business operations. If you are a budding entrepreneur looking to start your own business, or if you own a business that is already established and has developed over the previous months, you may find that you benefit from taking out business liability insurance. Indeed, liability insurance is essential for some companies and failure to take out this cover could potentially result in substantial financial loss in the event that a claim is made.
Business Liability Insurance comes in two forms: public liability and employers’ liability. A number of business owners choose to take out both public and employers’ liability insurance to safeguard themselves in a range of areas. However, employers’ liability is a legal requirement for business owners who hire employees. It covers you in the event that an employee incurs injury or disease as a result of their employment with you and files a claim.
Public liability insurance, on the other hand, isn’t compulsory but protects you and your business if a member of the public, client or customer is injured or their property damaged as a result of your business’ operations. If any member of the public visits your business premises, public liability insurance is essential. The cover you take out with your insure should include any legal fees and expenses which result from any claim by a third party.
Finally, remember that after taking out a business liability insurance policy, it is important to review your coverage on a regular basis to ensure that you are sufficiently covered, especially if your company has expanded or undergone changes over time.
This is a guest post on behalf of Staveley Head.
retirebyforty> Liability insurance is extreme important for business owners. The insurance policy on our 4-plex rental includes a $1,000,000 liability limit. You never know how people can hurt themselves around the rental property. If you own a business or rental property, you need to make sure you are adequately insured against the unexpected.