Oops! We’ve all done it at some point in our lives. We make a mistake while serving a client. Mine cost me a little over $2,000 in penalties to the Internal Revenue Service for failure to file an extension on a partnership tax return. Not a good day.
General Liability Insurance
General liability insurance protects your business from an accident involving a vendor or customer. This type of insurance covers injury and slander if inflicted onto a customer or a vendor while these folks are on your premises.
General liability insurance is mandated in some states in order to renew the state license or acquire a local business license.
Insurance is a risk reduction tool used in our private and business lives. It is founded on the basic premise that a large group of individuals will cover a catastrophic event for one of the members sometime in the future. In general, the insurance company uses actuarial science (law of large numbers) to calculate the financial cost of accidents over a given period of time.