You’re a business owner, and the day-to-day uncertainties of managing your business are a constant reminder that anything can go wrong on site, off site, with customers and employees. Without liability insurance, planning for safety is like throwing a 50-yard touchdown pass with no wide receivers in sight. Liability is the protection needed that can help cover attorney fees, medical costs and damages that your business could be legally responsible for.
If your business offers a service or product that falls within the category of risk, offering opinions, making recommendations or creating solutions, you could be in need of liability insurance without knowing it. Here are five examples of how companies can go under with lack of insurance.
Example #1
A customer or employee enters the office and slips on a wet spot that was missed while cleaning the floors. He or she gets hurt! Then a lawsuit is filed against your company to recover damages for the harm they’ve received. Without liability insurance, your company is sure to take a hit in court costs and attorney fees.
Example #2
The equipment on the job is in a constant state of disrepair. You’re doing everything you can to keep the equipment in good working order, but sometimes repair orders fall behind schedule. It just so happens that the employee who submitted numerous request for repairs, slipped and sustains a pelvic fracture injury. Without liability insurance, the company can wind up drowning in litigation fees.
Example #3
You’re the owner of a web development company and your customers are happy right up to the moment that your servers go down. Failing to protect a customers website from malicious attacks or failing to perform as expected can end up in a lawsuit. Without the right technology or risk management insurance, a business startup may not have the capacity to withstand a single small lawsuit.
Example #4
You’re the owner of a small franchise store that ships and receives parcels, and you enjoy having your dog around for company. The furthest thing from you mind is the thought that your little pooch will escape from behind the counter and bite a customer. You may be in for a big surprise if you’re without liability insurance that covers personal injury for employees, visitors, or job applicants etc. Having a dog on the premise may also be a violation of your rental lease.
Example #5
You’ve left the traditional nine-to-five and started a resume-writing business in your home. Everything seems to be fine until a client trips on the fold of a rug and falls. Most homeowner policies provide a standard amount of liability coverage, but the coverage may not be enough. Extra coverage may be needed.
Whether your company is big or small, it can fail when someone is injured and decides to file a lawsuit against you that drains profits. All too often, the thought of insurance is out-of-sight and out-of-mind for many small business owners. When a person or employee is injured on the business site, the hammer of a lawsuit can drop heavily when there’s no protection.

Mark Cord

wooblering@gmail.com