Top 2 Important Reasons Why You Need Business Liability Insurance

Hey guys, Jason here with 303 insurance brokers, and I wanted to share with you another super important insurance tip of the day. It’s more and more common right now in the past year that people are starting side hustles. You know what they’re having secondary jobs. Let’s talk about business liability insurance for a bit.

Who Needs Business Liability Insurance?

People are starting entrepreneurship-type opportunities. It’s important to understand that if you’re operating in a business, even if it’s on the small scale, you should talk to an insurance broker. Learn about what insurance looks like for that, what’s the liability for it, what are you producing, what are you selling.

Why Small Businesses Need Insurance

A general liability policy is going to protect you, your employees, and your clients. The liability of helping you out with somebody gets injured, somebody slips, trips, and falls. They also have completed products aggregation. So if you have something that you sell and then that product fails, there’s insurance coverage for that to protect you. 

Things You Would Want to Avoid When Starting A Business

The last thing that you want when you’re trying to start a business, and you’re trying to generate extra income is to ultimately expose yourself from a lawsuit, where if you have a loss you’re at fault. Something you don’t want personally to be liable for instead of having insurance for it.

2 Options For Business Liability Insurance

So, there are two options for you. We either purchase insurance to offset the cost, or you can choose to self-insure. It’s just important to understand where you are on the spectrum, and part of that’s talking to a great insurance broker, a great insurance advisor, who’s going to walk you through what the cost looks like, what the benefits are, what’s that self-risk are. 

I’m happy to do that here at 303 insurance brokers. So if you’re starting a side business, a side hustle, you want to talk about insurance? Let me know. Reach out to me at Jason@303insurance.com. You can reach me at 303 506 2755. Have a great day. And we’ll talk to you soon.