Small business owners must protect their business against financial risks that could bankrupt their start-up.
Business liability insurance is perhaps one of the most important things to consider when venturing out on your own to start a business
New York, NY (1888PressRelease) October 22, 2009 - With the current job market the way it is, many people who have lost their jobs are opting to be their own boss and to start their own business. And while endeavoring to blaze their own trail can be exciting, even nerve-wracking, there’s one thing all business owners need to remember: business liability insurance.
To keep a business afloat, according to a recent InsuranceAgents.com article, business owners have to guard themselves against financial risks that could bankrupt their start-up. And the No. 1 drain on a small business’s limited finances typically is expensive liability cases. That’s where business liability insurance comes in.
“Business liability insurance is perhaps one of the most important things to consider when venturing out on your own to start a business. And it doesn’t matter what your business is—every small business owner will need a general business liability insurance policy,” according to the article, ‘Selecting An Office: Why Location Matters For Insurance.’
Business liability insurance financially covers any injuries sustained by employees and customers, as well as damage to property and legal fees incurred. Business liability insurance can be a lot of needed coverage for a low price—if you know how to keep costs low, that is. One of the most important factors to finding affordable business liability insurance is to have your business in a location that is low risk.
InsuranceAgents.com recommends small business owners to seriously consider a location based on how it will affect their business liability insurance. Factors that can pose a high liability risk:
1. Older, worn down building
2. High neighborhood crime rate
3. Urban location
4. High traffic
5. Risky nearby businesses (i.e. restaurants may pose a fire risk, dry cleaners pose chemical risks, etc.)
To find the best location for a business, entrepreneurs should consult their local business insurance agent and find out which areas get the lowest business liability insurance quotes.