What types of risks do I face as an entrepreneur?
As an entrepreneur, you aspire to have your business succeed, but without insurance, the risk of errors poses a significant threat. If a client ever felt unsatisfied with the services you provided them, they may feel obligated to file a lawsuit against you. In this situation, you’ll be required to pay various kinds of legal fees, and if left in debt, this could end up jeopardizing your dreams.
If your startup has an office or leased space, you, your employees, and your clients could be at risk. Whether an employee slips, trips, and falls or your client were to lose their laptop on the premises, you may be liable regardless of fault. To avoid incurring any additional legal or medical expenses, your startup must obtain a general liability policy to absorb these costs.
Though unlikely, if a fire or flood were to occur, then your startup could face severe consequences. Peril, or unexpected, events tend to cause significant damage or losses to a business. Without coverage, you’ll have to pay out of pocket for any kind of replacements or repairs needed for your startup to operate again.