Commercial liability insurance is a smart way to protect your business against unfortunate expenses in case of liability arising out of damages to property, bodily injury, and other business operations. Whether it is a small business enterprise, a start-up, or a well-established corporate business, one ugly lawsuit may upset the finances of your business straight out of your control. A premium for such insurance is generally much smaller as compared to the cost of such damages that you might have to incur.
Thus, all business owners, factory, or mill owners, BPO and IT company owners, professionals like lawyers, doctors and even legal advisors stand to benefit from the commercial liability insurance. Typically, those with property assets, employing staff with multiple interactions with clients, whether face-to-face, telephonic, or online, those engaged in aggressive marketing activities for their business and even hotel and hospitality owners should take this insurance cover. Specifically, it is the small businesses who stand a greater risk of shutting down in case of litigation expenses.
Case on Commercial Liability Insurance
Mr. and Mrs. Verma have both quit their corporate careers to have their own dream ventures. The fields are so diverse. Mr. Amol Verma had opened an electronics sale showroom and has also launched a doorstep repair service for the same, backed by a repair workshop behind the showroom. Mrs. Suman Verma has followed her passion and opened a salon, for which she has hired a staff of five.
The nature of both the ventures is poles apart, yet each stands to benefit greatly from commercial liability insurance. Being small businesses, both require setup of physical spaces and involve a lot of interaction with clients. The insurance covers will protect both from heavy costs in case of claims and act as a shield that can help them concentrate on their respective growth.
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