Often, small business owners overlook insurance, usually because of its sky-high prices. However, without insurance, companies leave themselves open to a lot of risks and the possibility of closing up shop because of one accident or lawsuit. There are a variety of insurance options available to entrepreneurs
, and it is recommended that businesses sign on with at least one.
General liability insurance covers your business in the event that anyone is injured at your place of operations, or by a product or service available from your company. Many businesses also choose to also have umbrella coverage, because there are many gaps in coverage concerning general liability.
When examining a general liability policy, small business owners should be looking closely at it and asking questions. Concerns should include whether the deductible is too large, the premium payments competitive, when claims have to be made and what exactly the policy covers. Business owners should not go into the insurance selection process blindly, and therefore should do their research and be sure to know what issues to look for and questions to have answered.
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