How to Manage Liability Risk as a Business Owner

As a small business owner, you may do everything you can to protect your business. You have the right business insurance in Valatie, NY in place and you know your building and contents are covered. However, have you properly thought about your business’s liability risks? To help you navigate your way to successful and helpful insurance, check out what liability coverage you should consider.

How Does Liability Insurance Work?

There are many different types of liability insurance that you can use to protect your business against lawsuits. Below are just a few common types of coverage:

  • Product liability insurance. If you are in the business of manufacturing or selling products, your business can sometimes be held responsible for the safety of its products. If a product is recalled, this coverage can help you to cover the related expenses.
  • General liability insurance. This broader coverage should be included in most, if not every, business insurance policies. It serves as general protection against many of the legal issues businesses encounter, including injuries, accidents, and negligence claims.
  • Professional liability insurance. This is often referred to as E&O (errors and omissions) insurance. It is designed to protect a company against mistakes that harm clients, including negligence and malpractice claims.

How Can I Lower My Risk?

As a business owner, there are many ways you can actively work to avoid costly claims, including taking out the right insurance policies. Below are a few basic tips that can ensure a safe and error-free work environment:

  • Maintain a safe work environment for the public and employees
  • Warn the public about an unsafe condition or product promptly
  • Refrain from slander and gossip
  • Investigate an employee’s complaint of civil rights discrimination or sexual harassment

Business owners can benefit greatly from reviewing their liability coverage and making sure they have enough. The team at Kneller Agency is here to help with all of your business insurance needs. Contact us today! We serve Chatham, Copake, Valatie, Tilden Place, and neighboring cities of New York. 

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