As a small business owner, you have plenty of things to worry about. From making payroll and keeping your best employees to winning clients and building your brand, there is no end to your concerns.
Even so, it is easy for some things to fall through the cracks, and many small business owners fail to purchase the liability insurance they need. If your own small business is not protected by a business liability policy, you could be playing a dangerous game.
So how do you know if your small business needs liability insurance, and what should you look for when purchasing the protection you need? Here are some things to consider when assessing your need for small business liability insurance.
Does Your Business Have Employees?
If your small business has employees, you could be responsible for the actions they take. Even if you do everything right, your business could be sued if one of your workers injures a client or causes an accident.
Having a robust liability insurance policy in place can protect you from the actions of your employees. As the employer, the ultimate responsibility falls on you, and without the right insurance, you could find yourself on the wrong side of a costly judgment.
Is Your Niche a Target for Lawsuits?
Not every small business faces the same threat of lawsuits, so it is important to assess your own situation. If you run your business out of your home and serve your clients remotely, the risk of injury-related lawsuits is probably pretty low. If, on the other hand, you see a steady stream of visitors and customers, your liability risk goes up exponentially.
Some kinds of businesses, like sports training and healthcare, are also more likely to be sued. If you run a particularly risky type of business, a quality liability policy is an absolute must.
Will You Be Leasing Property?
In many cases, business insurance will be required when signing a commercial lease. If you plan to lease space for your business either now or in the future, having a general liability and property insurance policy in place will make the process easier.
Many commercial landlords require this type of insurance, and not having a policy on place could scuttle your plans and hold back your growth. Even if you do not currently lease office space, you never know when you might need it.
Will You Be Driving?
If your business requires travel, you will need to make sure you are protected from liability. Keep in mind that your personal automobile insurance policy may not cover you for business travel, and if you have an accident you could face enormous costs.
A commercial auto insurance policy can provide the protection you need for business driving. In some cases, you may be able to add this coverage to your existing automobile insurance policy. In other cases, it may make more sense to purchase coverage elsewhere. No matter what the case, it is important to protect yourself during your business travels.
Running a small business is hard, and it is important to protect yourself. Simply owning a small business could put you in the crosshairs for nuisance lawsuits and costly litigation, but taking proactive measures and having the right insurance coverage in place can provide the protection you need, so you can spend less time worrying and more time building your business. At Kaplansky, protecting your business is our priority. Contact us today for a free quote or visit our business insurance quotes center to learn more.