Don’t let these liability threats get the best of your small business.
Small businesses face a considerable number of risks every day. However, some of the most expensive and devastating risks are those stemming from liability issues. To ensure the continued success of your company, watch out for and take precautions against these major liability threats.
1) Professional Liability
Any time you or one of your employees makes a mistake that results in losses to a client, it falls under the category of professional liability. Common examples of a professional liability issue include professional oversights and errors, undelivered services, failure to meet industry standards, and negligence.
2) Product Liability
If your business manufactures, sells, or distributes products, it can be held liable if the product causes injuries, damage, or other losses to consumers. Additionally, your business can face product liability issues related to product recalls or false/inaccurate product advertising.
3) Employment Practices Liability
Employment practices liability encompasses claims from prospective, current, or previous employees accusing your business of unfair or illegal treatment. Common employment practices liability claims include discrimination, breach of employment contract, sexual harassment, retaliation, and wrongful termination.
These are just three of the main liability risks that can jeopardize your business. Luckily, you can protect against these risks and many others by securing the right commercial liability policies. For assistance with your small business insurance, contact the experts at Weaver & Associates in Arcadia, California today.