As just about any small business owner will attest, the difference between
success and failure can hinge on any number of events. While many
situations can be planned for, others occur accidentally and unexpectedly.
Unfortunately, those are the ones that have the greatest potential of
wiping out a business. That’s why it can be a necessity for certain small businesses to purchase public liability insurance.
*How liability insurance helps*
Owners of just about any small business should seriously consider
purchasing public liability insurance. This can protect the company from legal issues that arise following an incident that results in personal injury to someone or property damage.
*Liability insurance helps cover a business if something should happen atthe place of business or on a worksite that damages property or causes injury to a worker or a member of the public. Many times, such an incident will result in legal action being taken against the company. Without liability insurance, those payments will have to be made out of pocket.
*A liability policy will not only take care of the legal expenses, it will also help pay for medical expenses for anyone who is injured as a result of an accident associated with the business.
*Some companies benefit more*
Liability makes more sense for some small businesses than others. For example, a company that only has a couple of employees who work all day at desks and are not required to do any heavy lifting may not need liability insurance. There are other small businesses, however, that should make certain to have liability insurance.
**Contractors* – Those that work on the property of others always run the risk of damaging that property or injuring someone on it. In addition, businesses such as window washing companies or those that deal with heavy machinery may have high incidences of injury to workers.
**Doctors* – Liability insurance is often legally required for those
working in the health fields due to the risks involved of dealing with
those that are sick or unhealthy.
**Cleaners* – While workers in this industry may not work with heavy
machinery, they frequently use caustic chemicals. This can result in injury to workers or those in the business or residence that is being cleaned.
**Delivery businesses* – These workers are constantly out among the public and as a result there is an increased chance of an accident occurring that could injury a worker or another citizen.
There are a lot of things an owner can try to do to protect a small business, and one of them is to provide the proper protection against legal and medical expenses if an accident occurs. Some businesses are more susceptible than others, so the owner should consider whether it is absolutely necessary for their company to carry insurance.
For those at higher risk, owning a liability insurance policy can mean the difference between losing the business and being able to continue operations after an incident.
Author Bio –
This article has been contributed by Charlotte Fletcher on behalf of Monkey.co.uk