If you own a small business, the idea of a lawsuit can seem terrifying. You’ve worked so hard to get your business to where it is today; to lose it over something petty would be devastating.
A Plan for Everything
Protecting your company from a lawsuit can come in many forms. Different insurance policies can mean different things. Some common types for business owners include:
General liability insurance. This is the traditional “scrape your knee” insurance plan that protects you from getting a medical bill from a client who sprained their ankle inside your establishment.
Self-insurance. Worker’s compensation can get extremely pricey, so one alternative is to look into self-insurance for your employees. http://www.caitlin-morgan.com/ states that since a plan needs to be in place to pay for losses as they occur, it is different from a traditional worker’s comp plan.
Liquor liability. If you own a bar, restaurant, store or any other establishment that sells alcohol then you are potentially liable for damages done by a patron you sold it to. Liquor liability insurance protects you from these, saving you a potential boatload of money.
Reduce the chances of something destroying your company. Looking into different types of insurance to see what kinds of coverage you might not yet have thought of.