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What is liability insurance for small business

What is liability insurance for small business

A business owner needs to be prepared in the event of a disaster. When accidents, injuries, negligence, theft, or other losses occur in a professional situation, the business and their owners can often be held liable for these losses.

What does it mean to be liable?

Liability is a legal responsibility to settle financial debts or obligations to those affected by a loss, typically in the form of a lawsuit, which can total amounts greater than the business is able to afford. Business insurance exists to help pay for these liabilities.

Business Insurance doesn’t prevent disasters from happening: rather, it is a proactive solution that protects you from liabilities once a disaster has occurred. Insurance prevents the cost of business mistakes from leading to complete financial ruin.

why it is necessary to have general liability insurance for small business owners

Am i required to carry liability insurance? well it protects you and your business against bodily injury or property damage to a third party.

will general liability insurance fully cover me?

no other important insurance is include a business owners policy, property insurance, workers compensation and professional liability insurance.

what exactly does liability insurance cover?

business liability insurance safeguards you against many known and unknown risk it also protects you your business and your employees from claims involving bodily injury or property damage up to the limits of your policy.

what will liability insurance cost me?

a million dollar policy will cost you about $200 a year and typically an additional million dollars of coverage will cost you about $100 more.

can I get the cheapest liability insurance online?

it is very easy to get liability insurance quote online the policy generally covers property damage bodily injury medical payments defense costs and personal and advertising injury.