Running a business comes with quite the assortment of expenses, like payroll, rent, utilities, supplies, advertising and more. And then there’s the possibility of unexpected expenses, like storm damage or lawsuits. Yes, lawsuits. In a world where a person can be awarded millions because of hot coffee, it’s not hard to imagine scenarios in which someone may try to sue your business — whether the lawsuit is grounded or frivolous.
Purchasing general liability insurance helps protect your business from these claims from third parties. Need some examples?
If a spill is not marked with a sign, a customer can slip and fall, breaking an ankle on the way down. The customer will likely have hefty medical bills, as well as lost income if he or she is forced to miss work during recovery.
If your line of work involves visiting clients’ homes, there’s a chance that your employees can drop, knock over or otherwise damage that person’s personal property.
Basically, if a third party — that is, someone who does not work for you — is injured or suffers property damage as the result of the actions of your business, it could result in a liability lawsuit. With liability insurance at your side, similar lawsuits don’t have to be such a crippling blow. The coverage cannot prevent lawsuits from being filed, but it can pay for the associated costs (which could easily climb into the hundreds of thousands).
As unlikely as a lawsuit seems, it may only take one to financially ruin your business—unless you’re protected with general liability insurance. Every business has its own unique liability risks. Your independent insurance agent can help determine what amount of coverage is right for you.
Get a quote today. Call Hotwire Insurance at (858) 277-2719 for more information on San Diego business insurance.
