Oct 18 Top Liability Risks for Small Businesses

Top Liability Risks for Small Businesses

Don’t leave your business vulnerable to these liability risks.

Unfortunately, all businesses, no matter their size or industry, are subject to a certain amount of risk. However, some of the most expensive and damaging issues are those stemming from a liability claim. Here are three of the most common types of liability problems your small business needs to watch out for.

1) Cyber Liability

In the digital age, every business faces the risk of a major cyber attack or data breach. If this were to happen to your business, your company would be responsible for informing your clients, recovering lost data, restoring compromised identities, repairing affected computer systems, and so on.

2) Employment Practices Liability

Employment practices liability claims arise when a prospective, current, or former employee makes a claim against your company for unfair or illegal treatment. Common employment practices liability claims include discrimination, sexual harassment, wrongful termination, breach of employment contract, and so on.

3) Product Liability

If your business manufactures or distributes products, you will be held liable for any injuries, property damages, or other losses that these products may cause. Additionally, your company will be held accountable in the event of a major product recall. Finally, your company may also be held liable for the losses associated with claims of false advertising.

These are three of the serious liability risks that your small business faces. Luckily, you can protect against these threats and many others by securing the right commercial liability insurance. For assistance with your business insurance, contact the experts at Weeks & Associates Insurance Services in Thousand Oaks, California. We are ready to get you covered today.

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