All businesses should make professional liability insurance a part of their complete financial plan. Liability insurance protects a business’s assets and pays for legal obligations in the case of an accident or lawsuit. Although all businesses benefit from liability protection, here are five specific types of business that need special protection against liability claims.
- Fitness Clubs & Sports/Recreation Professionals
You may be surprised to see Fitness and Recreation topping our list of businesses that need liability protection, but yoga insurance, personal trainer insurance, dance instructor insurance—and more—is often overlooked by professionals getting started in the sports, fitness, and recreation field. Since trainers and instructors are helping clients get in shape, they should protect themselves from the costs associated with any medical expenses or lawsuits that could arise in the event of an injury during class or one-on-one training.
Building homes is big business. Contractors can protect their business assets by carrying adequate liability insurance. Whether you are a general contractor overseeing dozens of jobs a year or just an individual providing services one at a time, you can be held liable for damages on the job. In addition to giving you a safety net for your business, liability insurance for all contractors on a job may be required by your client’s contract or by law in some areas.
- In-Home Care Services
In-home nurses, daycare providers and physical therapists are the next group of professionals that should be sure to carry adequate liability insurance. Senior and medical groups encourage their members to only hire nurses or aids with adequate insurance. Because in-home healthcare workers are given charge over a beloved family member, and because daycare and in-home nursing cost so much money, clients are especially careful to monitor all aspects of the care. All areas of healthcare are fraught with risks and claims; protect yourself accordingly.
- Businesses with Company Cars or Fleets
Did you know that there are over 15,000 car accidents in the United States each day? In fact, car accidents are currently the second most common cause of death in the United States. While not all accidents are catastrophic, the fact of the matter is that even minor accidents can be expensive and cause major headaches for your business. The more vehicles a business has on the road, the higher its risk. Any company with a fleet of vehicles should do everything it can to protect the business in the event of an accident. Even if the employee is not at fault, the legal fees and increased insurance premiums after an accident can pose a big threat to the bottom line of many small businesses.
- House Cleaners
Any time a client lets you inside their home, your liability risk goes up slightly. Cleaners are especially wise to purchase enough liability protection in case someone gets hurt on the job site, property is damaged by an employee or cleaning product, or any professional errors are made in the course of a specific job. Individual cleaners and cleaning companies should take as much care with their financial health as they do with their clients’ homes.