When you started your own business, your legal liability was probably the last thing on your mind. However, it’s important that you understand just how major your business’s liability risks are. Here are some of the situations in which your business could be held legally responsible.
Injuries on Your Property
One of the most common liability issues that business owners face is the threat of customers injuring themselves while on company property. For instance, if a customer slips on ice outside your store, you might be responsible for their medical costs. Additionally, they could take you to court and try to win more of your business’s money.
Injuries Caused by Your Products
Imagine that a customer shocks him- or herself on the toaster that they purchased from your store. Even though you did not manufacturer the faulty toaster, you can still be held partially liable for your customer’s injury. This is because you, as a store owner, benefitted from the sale of the faulty product. Should the customer file a lawsuit, you might find yourself out some serious cash.
Injuries Caused by People You Served Alcohol To
If you own a restaurant or bar, you might be liable for the acts committed by people you served alcohol to. In some cases, you will be held responsible even if these acts are committed after the customer has left your business’s premises. While this liability law does depend on your state, if your state upholds this regulation, you can be held liable for drunk driving accidents and other very serious legal issues.
Unfortunately, your business faces some very serious liability risks. Luckily, there are things that you can do to mitigate your risk. For instance, having the right business insurance policies in place can help you protect your business. Need assistance in finding the right coverage for your business’s needs? Then contact the team at Contractors Insurance Agency. Our dedicated professionals are ready to assist you with all your insurance needs.