Monday, May 07, 2012

Why general liability insurance is a must for all businesses.

When my auditor asked me if my business is covered under general liability insurance, my mind went blank for several seconds. Before I could gather my thoughts, he informed that all business owners, small or big are now going with the latest trend of getting their business covered under commercial general liability insurance.

I was not sure about the necessity to take such a step as my business doesn’t face any serious liabilities. Since my business was established in 2003, I hardly paid 5% of the service fee I collected.

Considering the amount that I paid back, I could choose not to incur extra expenses by way of paying for business liability cover.

However, my auditor convinced me to listen to his advice, foreseeing the expected business growth in the coming years.

I suppose he is right. Nevertheless, I think I can afford it; it won’t eat away my profits glaringly.

If you are also a small business owner with a few staff, learn what commercial general liability insurance is and what the probable liabilities your business might face are. I am sure you too would see the sense in it.

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