Business Liability Insurance
Home business owners need to think seriously about liability coverage as much as any other type of business owner might. This is perhaps one of the most overlooked areas in the entire business world since many home business entrepreneurs fail to do proper research and planning before starting their business. Fortunately for you, the information is at your fingertips.
Consider an example: Let’s say Judy owns a home business catering operation. When she started the business, Judy did all the work on her own – everything from marketing to cooking to meeting with clients to throwing out the garbage! Now, Judy has three part-time employees who help her manage the catering operation.
Not only should Judy strongly consider general liability insurance, she should also think very seriously about getting employee liability coverage and even professional liability insurance if it should apply.
How might Judy be vulnerable for a liability? Here are a number of scenarios that could be problematic:
- An employee loses control of the catering van in traffic and is seriously injured.
- A catering party guest accidentally spills scalding hot coffee on her lap.
- The entire executive dinner party guest list falls ill with food poisoning.
- One of Judy’s employees misrepresents her business to a client.
The list goes on. Much of the purpose behind liability insurance is to help protect you, your business, your assets, and your employees from the unforeseen and unwelcome accidents that – unfortunately – do occur in day-to-day life.