Don't Fall For These Liability Insurance Myths: For Small Business Owners

Liability insurance is no laughing matter when it comes to running a successful business. It can protect your business from financial loss and legal trouble, but unfortunately, there are plenty of myths surrounding this crucial coverage. In this article, we'll debunk some of the most common liability insuranceAlberta myths for small businesses.

Myth #1: Only High-Risk Businesses Need Liability Insurance

Some people think Alberta liability insurance is only necessary for businesses in high-risk industries like skydiving. But in reality, any business can face liability claims. For example, even if you're running a daycare center for children, a child could still get hurt on your property, leading to a lawsuit. So don't let the myth fool you - all businesses need liability insurance.

Myth #2: Liability Insurance is Too Expensive for Small Businesses

While we all love a good bargain, skimping on liability insurance isn't the place to do it. It's true that the cost of insurance can vary depending on the coverage you need, but there are affordable options available. Plus, think of the cost of a liability claim - it could be enough to put your business in the red. So if you want to keep your business's finances in the black, liability insurance is worth the investment.

Myth #3: General Liability Insurance Covers Everything

Some business owners think that general liability insurance covers all kinds of liability claims, from angry customers to natural disasters. But like that one-size-fits-all hat you bought online, it's not quite as versatile as you thought. General liability insurance typically covers bodily injury, property damage, and personal injury claims. But other types of claims, like product liability or cyber liability, may not be covered. So, make sure you know the limits of your coverage and consider additional policies if necessary.

Myth #4: Liability Insurance is Only Necessary if You Have Employees

You might think that without employees, there's no one to get hurt on the job, so you don't need liability insurance. But what about customers or clients who visit your business? They could still get hurt on your property or blame you for something that goes wrong. Liability insurance can help protect your business and your bank account from legal trouble.

About Schwartz Coaldale:

Schwartz Coaldale is a reliable insurance brokerage business that offers a range of services including car insurance Alberta and liability insurance. With a team of experienced brokers, they work to provide the best coverage options for their clients.