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Get Liability Insurance For Small Business
Author: Ricky Lim
Liability insurance for small business is a necessity in today's society. This kind of insurance protects small business from lawsuits involving any bodily injuries that took place within the premises of the business to customers, vendors, visitors, or employees and injuries sustained that were the results of actions or negligence of the business's employees.
It protects the business owner from property damage that are caused by the employees as well. There are four kinds of insurance. The first one is the General Liability Insurance.
Out of the four, this is the most common. In many cases, it has been part of the large liability insurance for small business package. It also provides the coverage for the occurrences that have been mentioned in the previous paragraph.
The coverage include slander, infringement, liber, and intellectual property.
The second kind of insurance for small business is the Professional Liability Insurance. This is very important to the service industry.
It protects the professionals from claims that were personally made against them for the mistakes or errors that they apparently made while they were performing their duties.
Examples of such insurance involve malpractice insurance that are for doctors or errors and omissions insurance for financial advisors, accountants, building contractors, and attorneys.
The third kind is strongly recommended if it is a manufacturing business. This is the Product Liability Insurance. The coverage protects the business owner from items that have been manufactured or developed by the company that was responsible for an injury, death, or accident of a person.
The clients of this particular insurance range from car manufacturers to toy manufacturers.
The fourth kind and the newest one insures the business against the employer's action. This increase in lawsuits that are for sexual harassment, discrimination, and wrongful termination.
This kind of insurance protects the employer against the claims that are made by business associates, employees, or former employees.
It is only practical for owners of small businesses to get their own insurance. One would never know what could happen to their business.
At least with liability insurance for small business, they can easily protect themselves from whatever law suit that come their way. It's better to have it and not need it, than need it and not have it.
Look at liability insurance as an umbrella which you can just pull out just in case it rains.
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