What Types of Risks Does a Small Business Owner Face?

There are many risks small business owners have to be concerned with. Many of these risks can be covered by purchasing the right type of business insurance. Here are a few different risks that you should the aware of as a small business owner.

General Liability

General liability is the risk that the business owner will be responsible for accidents or negligence while doing business. If someone is hurt on your property, you could be liable.

Property Damage

When you are a small business owner, you will have to deal with the risk that your property could be damaged at some point. If your property is damaged, it could potentially result in costly repairs.

Stoppage of Business

You should also be aware of the risk of business stoppage. You may have to stop your business operations for any of many possible reasons. For example, if there is some significant damage to your property, you may not be able to conduct business as normal. This could result in serious losses for your business.

Product Liability

If you sell a particular type of product, you may also have product liability. If your product injures or harms someone in some way, you could be found liable for this problem.