Small business’ liability can create further risk.
Small business owners are aware of the risks that they take when starting out a business. While many just protect with a bare-bones insurance policy, others are unaware of the liability risks that they face. Certain exposures can increase small business’ liability. To reduce risky behavior at your workplace, here are certain liabilities you should work on avoiding.
Exposure: Taking on unfamiliar tasks
Small business owners wear many hats – boss, HR professional, accountant, social media manager, and more. You’re at the helm of your business, but are you really qualified to handle every task? It’s likely that you’re not. Small business owners who complete tasks on which they are wholly unsuited for could risk being sued for negligence, malpractice, and the sort. Take control of your business and delegate tasks that are outside your realm of knowledge and expertise.
Exposure: Hiring and firing without knowing the rules
Every business understands that the employees are the living, breathing workforce that drives a company forward. Hiring and firing without first learning the rules and regulations is a recipe for disaster. Seek out proper advice and legal help before you hire and fire at will. Your business must comply with the federal Equal Employment Opportunity laws, among other essential rules in your area.
Exposure: Not carrying insurance
Whether you’re a new business or you’ve been established for years, you probably need small business insurance of some kind. Talk to your insurance agent to determine the right General Liability Insurance, Workers’ Compensation Insurance, Errors & Omissions Insurance, and Cyber Liability Insurance, among others, that you may need. Even more so, it’s important that you understand the insurance that you buy. Not knowing your coverage and limits could mean that you’re faced with insufficient help down the road.
For the protection that your business needs, visit Chambers & Company Insurance Brokers today. Our professionals are ready to help you secure reliable commercial insurance for your construction project.