Many companies, especially small ones, ignore the need for liability insurance. While they take every precaution to protect their business from risk by ensuring tangible assets such as buildings, stocks, and commodities, they do not think about protecting their business from various possible liabilities they may face.
Protection from all types of liabilities is very important for companies because they cause huge amounts of damage to their reputation, finances and survival. If you want to protect your company then take help from professional business liability insurance in Ontario.
Image Source: Google
Public liability insurance helps small business owners protect their business by protecting them from responsibilities such as public liability, employer liability, professional liability and product liability.
Below are some basic types of insurance that are suitable for small businesses.
• General Liability: This insurance is useful for small businesses to protect owners from liability for property damage or personal injury caused by the general public, employees or customers as a result of negligence in their business dealings. It also protects you from claims for damage to other people's property.
• Professional Responsibilities: Professional responsibility protects working people from the risk of liability from data loss, claims in connection with misuses such as data copying, breach of trust, accidental data loss, or unintentional misconduct by your employees.
• Product Liability: If someone is injured as a result of using a defective product that you have sold or manufactured, that person can file a lawsuit against your company. Product liability protects your company from such liability by addressing all legal issues and claims for damages.