Potential legal action and damages awarded by courts from people being injured, damage to customers property or incorrect professional advice can be disastrous for any size business.
Here are five suggestions to avoid common pitfalls:
1) Inadequate Public Liability Coverage: Many businesses underestimate the financial implications of third-party claims, which can be catastrophic.
2) Non-Compliance with Safety Regulations: Neglecting workplace health and safety standards can result in fines and leave your business exposed to legal action.
3) Skipping Professional Indemnity Insurance: Service-based businesses, such as consultants and advisors, are especially at risk for negligence claims without this coverage.
4)Overlooking Cyber Liability: With data breaches on the rise, cyber liability insurance is critical to manage recovery costs and legal exposure.
5) Ignoring Employee Injury Risks: Ensure your worker’s compensation policy is comprehensive and up-to-date to avoid legal issues in the event of an injury.
Conducting regular risk assessments and consulting with your insurance adviser can help identify and address these gaps, safeguarding your business against potential pitfall