Tuesday, September 26, 2023

Here’s Why Your Business Needs Liability Insurance

Entrepreneurs create about 305 million startups in a year. The dilemma here is that a great number of these businesses are not as insured as they should be.

If you own a business or recently launched a startup, it’s time to consider business liability insurance.

Having a business owner’s policy puts a protective umbrella over your entire company. After all, an LLC may protect some of your assets but leave the majority in jeopardy.

For example, give thought to an open campus that permits the presence of customers. If one takes a spill that results in injury, guess who’s left liable for damages.

Don’t put your business in this position.

Regardless of what industry you’re in, every entrepreneur needs business liability insurance. Let us detail a few more reasons why right here.

Business Liability Insurance Protects Your Assets

Any valued item your company owns is a business asset. Assets range from tangible goods like houses and cars to patents and copyrights.

Liability insurance for businesses provides protection for all such items.

Limited Liability Corporations supply protection for your personal assets. Certain provisions keep them detached from business obligations. Keep in mind that LLC asset protection has conditions.

If you or an employee cause harm to someone, an LLC provides zero protection. That’s where you’ll need to rely on solid liability coverage. BLI policies like Alltypes Insurance do that.

More Large Contracts

Businesses grow and make money by obtaining major contracts. Large contracts create multiple streams of income, especially for small startups.

The only problem is some major firms require you have coverage before accepting a bid.

Having a liability policy in place helps your business secure and close major contracts. Doing so creates a strong financial bottom line now and in the future.

Data Breaches Happen

If a business stores customer data on a regular basis, it’s at risk for a data breach. It may not happen right away or at all, but the risk is still there.

Customers do sue if their personal information falls into the hands of cyber thieves. It’s their right. Some policies have electronic data liability coverage to protect your business in a hacking situation

Check for this provision before signing your policy.

Slander and Libel

It’s impossible to please everyone when you’re running a business, including employees.

Sometimes disgruntled employees leave a business, slandering it on the way out. They tell company secrets relevant to the survival of the business and more. Some may even damage property.

With a general liability policy, you have coverage against third-party claims like these. Some insurance companies grant special provisions to the policy personal liability coverage.

Get Covered

What good is a successful business if it’s left uncovered? Take protecting your business and assets to the next level. Secure business liability insurance to enhance the way you do business.

Let us give you more smart business tips like this. Check out our business guide for the latest in news, ideas, and hacks.