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Buying business owner's insurance is one of the most important decisions you can make for your company. The truth is that small businesses are at a higher risk for being targets for lawsuits because they often have less money to pay damages. A common example of this is if someone slips and falls on the sidewalk outside your store, or if one of your customers gets fried by a faulty coffee machine, then that customer could sue you because it's easier to win a lawsuit against someone who has less money and cannot afford expensive lawyers.
Business owner's insurance can help you win these type of lawsuits by covering your company against them. The coverage is called "liability", and it pays for damages that can occur to your customers, employees, and even to other people who have nothing to do with your business. If you are sued, a lawyer working on your behalf will negotiate with the plaintiff and attempt to reach an out-of-court settlement or a trial date. If you lose the case at trial or fail to reach an agreement, then coverage will pay for the damages.
There are two main types of business owner's insurance: liability and property (which also includes any goods that are in transit).
Business owner's insurance can help you win these type of lawsuits by covering your company against them. The coverage is called "liability", and it pays for damages that can occur to your customers, employees, and even to other people who have nothing to do with your business. If you are sued, a lawyer working on your behalf will negotiate with the plaintiff and attempt to reach an out-of-court settlement or a trial date. If you lose the case at trial or fail to reach an agreement, then coverage will pay for the damages.
There are two main types of business owner's insurance: liability and property (which also includes any goods that are in transit).
