Budgets are tight for small businesses. Throw in a pandemic and a weather catastrophe or two, and it gets even tighter. We know you have to stretch those dollars and prioritize your expenses.

We also know there are some expenses you can’t afford to minimize.

When you own a business, sometimes it feels like everyone is after you. You and your business are held liable for all kinds of mishaps. You're always one liability claim away from financial ruin.

In today’s competitive business environment, you must carry small business liability insurance.

Small business liability insurance protects you against third-party claims.

This includes clients and customers outside your business. All sorts of infomercial-type accidents happen: a customer steps off a curb as they leave your establishment and twists an ankle. Maybe they break an arm.

A small business liability policy would cover any medical bills incurred. More importantly, it would cover other costs related to the injury, such as legal fees, settlements, compensatory damage, non-monetary loss (pain and suffering), and punitive damages.

Small business liability insurance protects you again advertising injury.

Your liability policy will protect you from being sued for financial loss as a result of advertising your products/services. Examples of this might include using someone else’s advertising idea in your ads or infringement of copyright or slogan in your advertisement. 

Lastly, small business liability will protect you from the liability of property damage.

If your rental space was damaged by fire or another disaster, liability would cover your butt. While not required by law, some clients, mortgage companies, or landlords may require you to carry small business liability insurance. Property managers don’t want to be stuck with the bill if a lawsuit is slapped against your business.

As you can see, many potential hazards threaten your financial security. 

You have to protect your business from third-party lawsuits to secure your assets. How much liability insurance you need, however, depends on a variety of factors, including business type, size, risk, and budget.

We recommend getting a personalized consultation to best support your liability needs! Schedule a free call with Don Oxman to keep your business data safe without the technical jargon.