What is Liability Insurance

What comes into our mind when we hear the word “Insurance”? Safeguarding our future and getting prepared for any contingencies that may happen in life, right? Now, as humans we try to secure our lives and the lives of our loved ones. When we enter a family life, we secure our lives by going for an insurance policy such that if something goes wrong, if something happens to us, our family will be taken care of. That Insurance amount will be provided to our family and they would be able to sustain themselves with that income. However, what happens in case of a business; when we start a business, do we need to insure it as well? How do we handle business related contingencies and risks? Surely, we need to insure our business as well so that we could safeguard ourselves as well as our business in case any unforeseen situation arises in the future. The tradesman saver liability insurance also helps us protect our business in the similar way.

What is liability Insurance?

A business goes through lots of ups and downs. Sometimes, you may have your business flourishing at top-notch speed and proficiency; while at other times, you may face a disastrous situation as well. Sometimes, you may feel like giving everything away and quitting your business as well. You may not have a backup plan ready in these tough times. This is when your business insurance could help you sail through. A business insurance could provide protection against many aspects – damage of property or business content, employee safety and hazard or even against legal penalties (if anyone has sued your business regarding employment policies) etc. Imagine a situation that an employee meets with an accident within the office premises and is supposedly rushed to the hospital. Since the employee was injured while on job, he will demand a claim for his injury. Where will you pay this claim? How would you compensate the employee? After all employees stick to a company which is employee friendly in nature and would help them during their times of need. Here your Liability Insurance could help, just like the tradesman saver liability insurance. It would provide your cover against employee liability; Legal liability and Third party vendor related insurance issues as well. Any damages to the property or the goods, which are stored in the warehouse, can also be claimed. If anyone has filed a legal suit against you, your business Insurance Company can help in that as well. You can choose to cover you tools as well.

Conclusion: Hence Business insurance is as important to you as your Life Insurance. If you have not done it until now, go ahead right away.

Tahir Ismail

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