Even small businesses, many ignore the importance of liability insurance. They take every precaution to protect their company from risks by ensuring tangible assets like stocks and commodities but they don't think about how they can protect their business against potential liabilities.
Companies need to be protected from all kinds of liabilities. They can cause significant damage to their reputations, finances, and even their survival. Professional business liability insurance in Ontario is a great way to protect your company. You can also avail the benefits of business liability insurance in Ontario from online sources.
Small business owners can protect their business with public liability insurance. It covers them against professional liability, product liability, and public liability.
These are the basic types of insurance that are appropriate for small businesses.
General liability: This insurance protects owners against personal injury or property damage caused by customers, employees, or the general public. You are also protected from damage to property belonging to others.
Professional Responsibilities: – This protects workers from liability for data loss and claims in connection to misuses like data copying, breach or trust, or unintentional misconduct.
Product liability: A lawsuit can be filed against your company if someone is hurt by a defective product you sold or manufactured. Your company is protected from any liability arising out of product liability.