Small Business Articles

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There are many risks in business offices. A visitor slips on a wet floor and injures their back. An old microwave oven shorts out and causes a fire that damages a breakroom. An employee backs a company car into another vehicle in a parking lot. Any of these incidents, and many others, can result in you being found liable for monetary damages.

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Any business can become the target of a lawsuit from someone who feels the company injured them in some way—physically or financially. However, there are steps you can take to protect your business and minimize the risk of a small business lawsuit. You can also prevent serious financial harm to your company by having the right small business protection through insurance.

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Operating any type of business involves risk or liability. Fortunately, there is small business insurance that can protect you from the financial impact of those risks. Two of the many types of coverage available are professional liability insurance (also called errors and omissions or E&O insurance) and general liability insurance. When it comes to general liability versus professional liability, it can be difficult to know which type of coverage you need.

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A hold harmless agreement, which is sometimes called a hold harmless letter, is a “release of liability” clause, typically in a contract, that indemnifies and protects one party from the financial consequences of damage or injuries caused by another party. One party agrees not to sue the other, and also to pay the costs that the party might incur for certain events.

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Every business faces risk—things like employee injuries, visitor slip-and-fall accidents, professional “errors and omissions,” and work-related auto accidents. The liability and financial loss from these types of incidents and many others can devastate a small company that isn’t properly insured.

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A small business insurance deductible is an amount you pay toward each insurance claim you’re filing. The amount is indicated in your insurance policy. For example, you might have a $500 deductible on a commercial property insurance policy. If the cost of a claim covered by that policy is $2,000, you pay $500 and your insurance company pays the remaining $1,500. If a claim totals $450, you cover that cost.

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In some instances, your client may request that you provide them with something called a waiver of subrogation. Also called a waiver of transfer of rights of recovery, this waiver, which is associated with your small business insurance, means that your insurer gives up the right to seek payment from your client if it’s determined that the client or one of its employees was partially responsible for an incident.

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If you’re a transportation company owner or decision-maker, you surely do all you can to operate your business safely. However, companies like yours face many risks over which they have no control. Bad roads, inclement weather, and the people with whom your vehicles share the road probably come immediately to mind.

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Catering insurance is a term used to describe a group of coverages that are important to food service companies. Also called caterer insurance, food service insurance, or food liability insurance, these policies protect food service businesses from many types of risk, including employee injuries, injuries to customers and other non-employees, liability from accidents in company-owned vehicles, and others.