Post by account_disabled on Mar 5, 2024 23:06:07 GMT -6
The insurance company so that if something goes wrong its the company that pays. of course you pay an insurance premium. But what kinds of insurance do you need for your business How do they work and what do you need to take into account when buying them Well cover all of that in this tutorial. Well look at some of the main types of business insurance in turn before wrapping up the key lessons from this tutorial and from the series as a whole. 1. General Liability Insurance Weve all heard about those multimilliondollar lawsuits against coffee shops for serving hot coffee fastfood joints for making people fat and so on. Claims like this happen all the time and of course theyre not all frivolous.
What would you do if a customer got seriously injured in your store and sued you for damages Thats where general liability insurance comes in. It Job Function Email List covers your company for legal expenses and payouts due to accidents damage and claims of negligence. They can also cover you for things like libel and slander. For a small business even just paying to defend a protracted lawsuit can be financially crippling and if a major ruling goes against you it will almost certainly put you out of business. So a good general liability policy is a must for most businesses.
The more dangerous or risky the business of course the more important it is to have good coverage. If you run a skydiving club youll probably want to pay for very comprehensive coverage. If you sell soft furnishings theres less obvious risk. But no matter what line of business youre in its worth considering some form of general liability coverage. Ask at your trade association or speak to other people in the industry to get an idea of what level of risk there is and how much coverage you need. 2. ProductProfessional Liability Insurance Depending on what type of business.
What would you do if a customer got seriously injured in your store and sued you for damages Thats where general liability insurance comes in. It Job Function Email List covers your company for legal expenses and payouts due to accidents damage and claims of negligence. They can also cover you for things like libel and slander. For a small business even just paying to defend a protracted lawsuit can be financially crippling and if a major ruling goes against you it will almost certainly put you out of business. So a good general liability policy is a must for most businesses.
The more dangerous or risky the business of course the more important it is to have good coverage. If you run a skydiving club youll probably want to pay for very comprehensive coverage. If you sell soft furnishings theres less obvious risk. But no matter what line of business youre in its worth considering some form of general liability coverage. Ask at your trade association or speak to other people in the industry to get an idea of what level of risk there is and how much coverage you need. 2. ProductProfessional Liability Insurance Depending on what type of business.