Is business insurance the same as public liability? For many of the small to mid-sized business owners, a simple answer would be no. Public liability insurance protects the assets and income of the business owner from a variety of possible legal actions. Common examples of events that could put your company at risk for a public liability lawsuit include: landlord/ tenant issues, products defects, and health and safety hazards. In addition, we are often reminded of the recent earthquakes and storms in California which could potentially damage or destroy a small business's property and cause a significant public liability issue.
The unfortunate truth is that many new business owners do not know what is public liability insurance, nor do they understand the need to purchase it for their business. Often, they are not even aware of any public liability insurance when they initially purchase a small business enterprise. There are several benefits to having adequate public liability insurance on-hand, however. Each of these reasons is an excellent reason to purchase such insurance for your small business enterprise.
First of all, having adequate public liability insurance can protect your small business asset. If a customer or client suffers an injury while using your product or being served by your business (even if the injury is your fault), you may be held financially liable. If you do not have insurance, you may be facing a significant financial loss, which could ultimately lead to the demise of your business.
You should also know that purchasing public liability insurance is not an expensive endeavor. In fact, it is far more inexpensive than most people realize. In addition to the financial aspect of having adequate insurance, you will find that you are personally covered in the event that someone gets hurt while using your product or visiting your business. This is particularly important if you operate your business from your home. No one wants to get hit by a delivery truck or walk into your home while shopping or having coffee with the family. Even if you feel squeamish about the idea, you should make sure that you have adequate coverage for your home.
The second reason that purchasing business insurance is the same as public liability is that you will find that your business assets are protected in the case of a lawsuit. Many people assume that their liability insurance policy will cover any damages or injuries that result from using their product or being in harm's way while using your product, but this is not always the case. For example, if you operate your business out of your home, you may find that you are held liable if someone slips and falls on your front walk. When you add up all of the possible scenarios that could result in a claim against your business, you may quickly see that having insurance is absolutely essential.
Finally, business insurance is the same as public liability protection because you will need to have workers' compensation insurance in order to protect your business assets in the case that an employee is injured while on the job. Each state has different rules regarding the amount of workers' comp that you will need to purchase, but it is usually a good idea to purchase more than the minimum amount required by your state. Having adequate protection can help to protect your business assets. In order to determine if you are adequately covered by your business insurance policy, you should speak to a qualified insurance agent who can give you a full list of the coverages that are available to you.
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