If you have your own business, it can be challenging to determine what type and how much insurance you need. It can be hard to understand all the different types and figure out what you need, which is why we’ve put together this guide to try to help. Today we’re discussing why you need to include liability coverage in your business insurance policies in Lisbon.
Simply put, different types of liability insurance serve as protection for your business so that rather than focusing on what might happen, you can focus on helping your business thrive and grow.
What Types of Liability Coverage Exists for Small Business Insurance Policies in Lisbon?
Public and General Liability Insurance: Public and general liability are often thought to be the same thing, but they are two different forms of insurance.
- Public liability insurance: Pays out if, for instance, someone is injured by tripping over a loose rug in your office or if you unintentionally break a lawn ornament when mowing the grass.
- General liability insurance: Includes product liability insurance and public liability insurance. It’s a good way to get the most important types of business insurance policies in Lisbon. If you can only afford one type of business insurance, this is the one to choose.
Commercial Liability: This is another way of referring to general liability insurance. Sometimes, though, it means these three types of insurance coverage for businesses:
- Property insurance: Covers damage to your office premises or equipment;
- Workers’ compensation: Pays for your employees’ medical costs if they are injured at work;
- Public liability insurance: Pays for medical costs if your employee falls off the ladder at work and sprained an ankle.
Professional Liability: This type of insurance becomes pertinent if your client isn’t happy with the job you’ve done or claimed that you have given them poor advice. For example, if you mention a particular type of flooring that turns out to be dangerously slippery, your client could sue you. It typically pays damages to your client and your legal costs.
Employer Liability: This type of liability insurance is an important part of your workers’ compensation insurance. While workers’ compensation pays for your employee’s lost wages and medical costs if they are hurt at work, if they feel that their worker’s compensation paying isn’t enough, they could sue you for more damages. This amount would not be covered by workers’ comp.
The Importance of Liability Insurance
In many cases, clients want proof that you have liability insurance before they agree to hire you. Including liability in your business insurance policies in Lisbon is not just a way of protecting yourself, it also builds trust and, in turn, helps you to get more work.
If you aren’t sure that liability insurance is important, take a moment to think about why your business is important to you. Keep in mind that liability insurance is one more way to protect yourself, your family and the business you’ve worked so hard to build.
You invested in your business with your time, your energy and your skills. Liability insurance recognizes that investment and works to help you thrive, confident in what you can do. If you’re ready to learn more about business insurance policies in Lisbon – and what needs to be included – contact us today.