Having proper insurance plans in place is important not just for families, but also for discerning businesses. The right types of coverage can protect the business assets and provide a much needed peace of mind to the business owners. While business insurance can be of diverse types, liability coverage is among the most important ones.
Liability insurance is basically designed to protect businesses against the risk of liabilities imposed by lawsuits and claims made against them. Even if a business is not directly impossible for an injury or damage, a customer could sue over an accident that happened at their office or shop. For example, in case customer slips on a wet floor at the business premise and gets injured, the business could be held responsible for their medical expenses. Medical bills and legal defense expenses arising in these situations can potentially devastate a business. Hence, investing in general liability insurance coverage is recommended for business owners across all industries.
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Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.