Womens Action

Entrepreneurs looking to start a business today have many risks they face in the area of liability.  Not only do business owners have to pay careful attention to their startup costs, their sales and marketing, their payroll, the quality of the products and services they provide, and their customer service; they also have to be aware of the ever-present risk of being held responsible or being sued for injury or property damage related to their products or premises.

Depending on the business model, a business owner will have to choose with type of liability policy should be purchased.  A product liability insurance policy will cover certain types of lawsuits related to defective products and injuries or damage that their use caused; a Professional Indemnity Policy will cover omissions and errors that occur during the execution of a service agreement.

General liability covers a broad spectrum of liability, including product liability.  With general liability, a business would be protected against claims of injury or damage arising from the premises or operations of the business; any associated medical expenses from such injuries; damage to a landlord’s property occupied by the business; lawsuits coming from claims of libel, slander, or other personal damage, and product liability, which includes claims and lawsuits alleging damage or injury while using a defective product.

Overall, general liability insurance is the best choice for most businesses, since it can usually be purchased for only a slight increase in price than other independent policies.

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This entry was posted on Saturday, May 23rd, 2009 at 4:13 pm and is filed under Other. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.