Starting a small business comes with many challenges. Securing funding, hiring the right employees, managing your time as an owner and an operator. But one of the biggest things your business must be protected against is liabilities. Here are three liabilities that Lifetime Investments, serving Mesa, AZ think you should be aware of.
If you are running a retail or restaurant establishment, or any kind of business that has customers coming into a location, injury liability is extremely important. The oft-cited case, where the woman burned herself with a cup of McDonald’s coffee is the prime example. This ended up costing the company millions of dollars. While McDonald’s can afford a loss like that, most likely you wouldn’t be able to survive this. Injury lawsuits are a liability that must be insured against.
Libel and Slander
Another liability is slander and libel. The lawsuits are very common in service-based businesses. As an owner, you have to believe that your customers are interacting with you in good faith, but this isn’t always the case. A liability policy can help defray these costs as well.
Another common liability is a simple mistake. These can happen at any time and are not intentional, whether it be a mathematical error in accounting or overcharging a customer for a product or a service. A liability policy can cover these kinds of issues as well, should they go to court.
No matter what kind of business you run, getting the right commercial policy is important. We here at Lifetime Investments, serving Mesa, AZ want to help you come up with the right option for you. Contact us today and let us begin working for you.