Liability for small business owners
Liability insurance protects your company’s assets and pays for obligations incurred if someone gets hurt on your property or when there are property damages or injuries caused by you or your employees. Liability insurance also covers the cost of your legal defense and any settlement or award should you be successfully sued. Typically, these include compensatory damages, non-monetary losses suffered by the injured party, and punitive damages.
General liability insurance can also protect you against any liability as a tenant if you cause damage to a property that you rent; it can also cover claims of false or misleading advertising, including libel, slander, and copyright infringement.