As the introduction to the video states, a business owner must be prepared in the event of a disaster, whether those are accidents, injuries, negligence, or other losses. Knowing how to manage risk helps set your business up for long-term success. While it’s understandable that a small business owner has a lot going on, it’s imperative that you don’t let something like small business insurance drop to the bottom of your list of priorities. Along with the video, we’ll discuss the importance of small business insurance and how it can protect you.
What is Liability?
In insurance, when a person is liable for something, it means they have a legal responsibility to settle financial or other obligations to the affected party, usually through a lawsuit or natural disaster. When you have small business insurance, the insurance can help pay for those liabilities after the incident has occurred.
Primary Types of Small Business Insurance
There are many types of small business insurance, with general liability, workers’ compensation, and professional liability being the most important ones. General liability is the most common type, as it covers the basic needs that all companies share. Worker’s compensation insurance protects the interests of the company if an employee is injured on the job, and professional liability insurance protects professionals in the workplace.
Regardless of the type of small business you operate, you need to invest in insurance to protect your assets and business from disasters and mistakes. .
