Liability insurance can seem like a dull topic compared to the flash of insuring your employees' health care or rental car while they're on business. However, liability insurance is important for any professional service provider, and you'll need it if you want to protect yourself from lawsuits that could be brought against you by customers or third parties.
If you are still unsure how you should purchase liability insurance You should get a Las Vegas Insurance Agents, read on for the facts.
What is liability insurance?
Insurance that protects your business against lawsuits brought by customers or other third parties who have been harmed by something you did or didn't do. The goal of this type of policy is to keep your company's finances intact in case you are sued.
When deciding how much liability insurance to purchase, keep in mind that people often sue for more money than they can actually collect, so it's unnecessary (and not recommended) to spend your entire budget on this type of coverage. You'll need to look at several factors - including the potential cost of legal fees, the likelihood of being sued, and the assets you own - to determine how much coverage is appropriate for your business.
What it covers
Liability insurance claims are about compensating an injured party for their loss; they do not try to place blame on anyone involved. Since this type of policy only covers the cost of damages, it does not help in cases where a court assigns fault to your business.
Who needs it?
Every company should have some form of liability insurance , whether they operate a mom-and-pop business or have employees who work onsite at their clients' facilities. As a service provider, you could be held responsible for damages if a customer files a claim against you after an accident, illness, or injury that you were responsible for. For example, if a customer trips and falls on your office floor, they could sue your business for medical expenses.
Why is it important?
As the owner of a company, you are legally responsible for any injuries incurred by people who are on your property. This means that if your employees injure someone or damage their property, you could be sued to compensate them for their loss. Every state has different rules and limits on how much a plaintiff can seek in damages from a liable party, which is why it's important to do some research before purchasing liability insurance.
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