According to Bizstats.com, 78% of small businesses are structured as partnerships or sole properietorships. While these legal structures have their advantages, they also carry distinct disadvantages including the possibility of putting your business and personal liabilities at risk. That’s why you need general liability insurance…to protect your business and personal assests for potential financial ruin.
If you’ve stopped reading because you are operating as a corporation or limited liability company and don’t think you have to worry about personal liability, think again. You can still find yourself personally liable for your business if:
- you signed a personal guarantee for a loan,
- personally injured someone,
- acted in a irresponsible manner, or
- didn’t operate your business as a seperate entity.
When you purchase a general liability policy, you are purchasing peace of mind in terms of knowing the insurer is agreeing to pay all costs for a covered liability claim against your company.
Ask your insurance broker today for more information on how to protect your business and your personal assets. It’s one call you’ll definitely want to make.