Small Business Owners, Watch Out for These Liability Risks

Don’t let these liability threats get the best of your small business.Small Business Owners, Watch Out for These Liability Risks

As a business owner, you know that your company faces a considerable amount of risk every day. However, some of the most serious risks are those stemming from a liability issue. Here are some of the most common liability threats that you need to look out for.

Product Liability

If your business manufactures or distributes products, then it can be liable for any injuries, property damage, or other losses that the product causes. Additionally, your business can be held responsible if a customer claims that your product was falsely advertised.

Employment Practices Liability

Employment practices liability issues arise when an employee (current, former, or prospective) accuses your company of unfair hiring protocols or mistreatment in the workplace. Common employment practices liability claims include discrimination, sexual harassment, retaliation, breach of employment contract, wrongful termination, and so on.

Cyber Liability

Cyber liability issues occur when your business is the victim of a data breach that compromises the personal information of your customers. If your business is held liable for a data breach, it will be responsible for the cost of notifying customers, recovering lost data, restoring compromised identities, and repairing damaged computer systems. Additionally, you will also face the threat of litigation from affected customers.

These are three of the most common types of liability risks that small businesses face. Luckily, having the right commercial liability policies in place can help you protect against these risks and any others that your company might face. To secure the comprehensive business insurance that you need, contact the experts at Miller Carlisle Insurance Services. Our dedicated team is ready to get you covered today.