We live in a litigious society, where members of the public are well within their constitutional right to sue companies that fail in a duty of care towards safety and security while on their premises.
Simple signs like ‘contents may be hot’ on a cup of coffee might seem like overkill, but when you’re slapped with a large payout request because a customer has been injured, it’s not quite as amusing as you thought!
What is Liability Insurance?
Liability insurance is a type of insurance for businesses that covers them should a customer or member of the public make a claim against them. Its vital insurance for all businesses that deal with members of the public, and failure to take out such a policy may be in breach of some states’ laws.
Personal injury lawyers, such as Brown & Crouppen, have pages of reports where injuries have happened on business premises and compensation has been offered; without insurance, this can be a very costly issue for businesses and may end up in bankruptcy.
Liability insurance doesn’t claim that you were in the right if you are sued due to an accident, there’s every chance that actually you weren’t in the right, and you deserved to be sued, but it will help cover legal costs, and compensation should a claim arise.
All liability insurance covers are different, and it really is important for you to read the small print and understand exactly what you’re covered for before you take out an insurance policy for your business.
Continue Reading: https://www.insightssuccess.com/why-your-business-needs-liability-insurance/.