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The Truth In Business
Taking a chance can be exhilarating and fun – like betting on your favorite college basketball team during the NCAA tournament. So long as you don’t bet your entire savings account on a team that loses in the first round…
However, if you are a business owner or an individual with a lot of assets, one chance you can’t afford to take is being underinsured or uninsured. Without a sufficient amount of insurance coverage, taking a chance is precisely what you’re doing. And it’s only a matter of time until you lose.
The Impact of Lawsuits on Small Business
A lawsuit, no matter how big or small can have a calamitous impact on your business. According to the US chamber of commerce report, Legal issues cost small businesses in the United States more than $100 billion each year. Businesses are also a frequent target of frivolous lawsuits (they’re more likely to settle a case for a smaller amount rather than spend thousands more tied up in litigation). As a result, small businesses pay about $35.6 billion directly out of pocket to settle claims each year, according to a National Federation for Independent Business article.
Small Business Owner Checklist
Things you need to consider the most as a business owner are…
- What's my plan when my business faces a lawsuit?
- What type of lawsuit will it be?
- How much will it cost me?
Four Insurance Polices That'll Solve Liability Problems
The bad news: sooner or later, odds point to your business being hit with a lawsuit or at least face a scare that’ll force you to hire a lawyer for defense. The good news: you can greatly minimize the financial impact on your business with insurance. In my opinion, no business should go without these four coverages:
General Liability Insurance or Business Owner Policy can help cover your legal expenses if you are sued for third-party bodily injury, property damage, or advertising injury.
Professional Liability Insurance protects your business against professional goofs, such as making a mistake or missing a deadline
Workers Compensation – Put simply, Workers’ Compensation Insurance is coverage that can pay for work-related injuries and illnesses.
Employee Practices Liability Insurance – can pay for lawsuits related to claims of discrimination, wrongful termination, and sexual harassment. It can cover legal expenses related to claims brought against your company by current, former, and even prospective employees.
Your business faces liability everyday you open your doors or anytime you go to a job site. Let the knowledgeable experts at Lionshield insurance services craft a tailored insurance package to fit your business needs within your budget.
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