Public liability insurance is a particular type of insurance for businesses. This insurance covers injuries and/or damages to property or person sustained on your business premises.
Over the next couple of posts, I'll be covering specific aspects of this specific insurance and how it can protect your personal and business assets from legal liabilities. Let's be honest, we live in a very litigious society, and you can lose your business assets with one small lawsuit.
Do I even need this insurance?
I know, you don't need to add another expense to your business. It eats into your profits and can make it hard to re-invest your hard earned revenue back into the business and grow it.
However, you should strongly consider getting it if your business interacts with the public. This includes clients, customers, and the generally public visiting your premises in order to do business. Small business owners that work out of their house should really look into getting public liability insurance. If you were to get sued, you would not only lose your office, but the house you live in.
If you operate a web-based or virtual company that does not interact with the public at all, you do not need to worry about getting public liability insurance. However, if you interact with anyone other your employees, it's in your best interest to protect your assets with public liability insurance.
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