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Do You Have Business Liability Insurance?



Business liability insurance isn't an extravagance. It's a need, except if you like claims. 

You're a physical advisor with your very own business. You're smashing it in your business and after that blast! Out of the blue, one of your old customers sends you a letter and is suing you. Goodness man! He's suing you since he stumbled and fell inside your holding up room. 

Your heart's hustling, you know you didn't do anything incorrectly, however the exact opposite thing you require is to manage this. This person ended up being a genuine nut. What a joker! Major good lord. You gotta manage this neurotic. 

All things considered, who needs to procure lawyers and pay legitimate expenses to protect themselves? We are sufficiently occupied with work, children, and going to Whole Foods consistently. 

So you call your lawyer and he inquires as to whether you have business liability insurance. You're considering: did I ever purchase that? Time actually stops. You read about it however you know you never got around to getting it. You about pooped your jeans. I don't need this to be you. 

You are working your tush off, and a downright terrible claim all since you don't have business liability insurance can put you out of business.

Really. Like double really.
As a business owner, you most likely need business liability insurance.
Business liability insurance protects you from liability arising from accidents, injuries, libel, and slander. The policies also cover the legal fees to defend the lawsuit. Some of your vendors or customers may even require you to have this before they do business with you.
There are different types of business liability insurance you can buy. If you sell a product, than you most likely need product liability insurance. If you are in a service based business, then maybe you just need a general business liability policy or maybe you need professional liability insurance.
Attention home based business owners!!!! Work out of your house? Most homeowner's policies will not cover liabilities or losses from your business activities.
What you should do to protect yourself as an entrepreneur...
Step 1. Get a referral for an insurance broker. They are independent insurance professionals and can shop the best policy from the best insurance company that's right for you. If you go to your local insurance agent, they may be able to offer it to you, but they can only sell you their company's policy.
Step 2. Tell your insurance broker the nature of your business. Ask him/her to identify your potential exposure, should you ever have to pay a claim.
Step 3. Do 25 jumping jacks. You still reading this?
Step 4. Tell your insurance broker what your sales and profits are.
Step 5. How much does this stuff cost? I have seen policies for business liability insurance that cost under $1000 a year for $1 million dollars of coverage. It's not that expensive. Review this with your insurance broker. The devil is in the details.
OK. enough said. Lets do this thing. Get business liability insurance. Cross it off the list. Then go back to killing it in your biz.

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