Managing a small business requires having a dedicated staff equipped to deal with both clients and merchandise, and any problems that need to be addressed. This responsibility includes concerns over the possibility of injuries or damages that might occur, which could result in a lawsuit. Managing a small business comes with many uncertainties, and Florida general liability insurance is something business owners simply cannot afford to operate without.
Accidents can and will happen, as most owners clearly realize, and whether they occur on site or off site, these situations can negatively affect customers, vendors and others. You should be concerned, as well as protected, any time that an incident results from coming into contact with the merchandise you produce. Liability insurance provides assistance as it helps cover medical expenses, attorney fees and other damages that your business is legally responsible for.
Many business exposures to be aware of
Having professional liability insurance covers professionals for negligence and errors or omissions that injure their clients or cause damage to a third party’s data. This type of insurance is important to licensed professionals that may become named in a lawsuit. Accountants, attorneys, insurance agents, even engineers, and architects can all benefit by having this policy.
The reason for this line of coverage is that any individual or business providing an opinion, making recommendations, or offering a service could be at risk for a professional liability lawsuit. In the event this was to happen, the company would likely require help with defense costs, regardless of fault. This coverage offers protection in the event of judgments that might otherwise force a company into bankruptcy.
Employment practices liability insurance covers employment-related liabilities other than on-the-job injuries. This includes legal fees and damages for claims relating to wrongful termination, discrimination, sexual harassment, and other alleged violations of employees legal rights. Anyone with employees needs to invest in this important coverage.
Directors and officers policy, or D&O insurance covers directors and officers of a company for negligent acts or omissions and for misleading statements that result in lawsuits against the company. D&O policies may be broadened to include coverage for employment practices liability as well.
What business liability insurance covers
Agencies that understand the need for complete business protection can help with the process of deciding which coverage will best suit the needs and interests of a particular business. Speak to an agent who can help with Florida general liability insurance or other liability policies needed for your business.