Top Liability Risks Small Businesses Face

Top Liability Risks Small Businesses Face

Common liability hazards for small businesses. 

As a small business owner, you are kept busy every day. Although liability risk may not be at the top of your list, it is certainly worth considering if you are looking to protect your business. With that in mind, we’ve compiled a list of the top liability risks that small businesses face every day!

Bodily Injury and Property Damage

No matter what you do, there is no full-proof safety net protecting your business from every situation. Sometimes, slips and falls happen. If a guest injures themselves or their property is damaged on your property, you could be held responsible.

 Cyber Liability

The biggest companies can afford the latest tech and a top team to keep their business safe from cyber breaches. However, smaller businesses often don’t have these resources and put cyber liability on the back burner. If a cyber breach or leak does occur, you may face costs relating to business interruption, extortion, government fines, and damage repair to your client base.

Employment Practices

Typically, these include complaints from staff or potential hires, for example, workplace discrimination, harassment, or wrongful termination. Even though there may not be any physical injury, your small company can still face extensive legal fees and compensation costs.

Knowing these common liability risks will help you ensure you have the right coverage in place. Visit the team at American Premier Insurance, serving Phoenix and neighboring cities in Arizona to get access to the right business insurance for your needs.