Business Insurances

Email: contactus@purviewcoaching.com Phone: 786-427-7121

1560 Sawgrass Corporate Pkwy • 4th Floor • Sunrise, FL 33323

Email: contactus@thepurviewgroup.com Phone: 786-427-7121

1560 Sawgrass Corporate Pkwy • 4th Floor • Sunrise, FL 33323

Business Insurances

Liability insurance is essential for small businesses and nonprofit organizations because it protects them from the financial risks and legal consequences of accidents, mistakes, or unforeseen events that could result in lawsuits or claims. Without this protection, even a single incident could severely disrupt operations or lead to bankruptcy. Here’s why liability insurance is so important:

1. Protection Against Legal Claims

Even well-run businesses can face lawsuits—whether from a customer slipping and falling, a contractor alleging negligence, or a product causing unexpected harm. Liability insurance covers legal defense costs, settlements, and judgments, reducing the risk of a devastating financial blow.

2. Covers Third-Party Injuries and Property Damage

General liability insurance protects against claims involving bodily injury or property damage that occurs on the business’s premises or as a result of its operations. For example, if a client trips during a visit or if equipment damages someone’s property, liability coverage helps pay for medical bills or repair costs.

3. Safeguards Professional Services

For organizations that provide advice or services—such as consultants, educators, or health professionals—professional liability insurance (also known as errors and omissions insurance) protects against claims of negligence, mistakes, or failure to deliver promised services.

4. Required for Contracts and Funding

Many clients, landlords, or grant providers require proof of liability insurance before signing contracts or issuing funds. Without it, a small business or nonprofit might miss out on important opportunities.

5. Enhances Credibility and Trust

Having liability insurance demonstrates responsibility and professionalism. It reassures clients, partners, and the public that the organization is prepared to handle unexpected issues and is committed to protecting the interests of those it serves.

6. Supports Business Continuity

In the event of a claim or lawsuit, liability insurance can cover costs that would otherwise derail the organization’s operations. This allows the business to continue functioning while resolving the issue, protecting jobs and services.

7. Covers Employees and Volunteers

Many policies also protect employees or volunteers while acting within the scope of their duties, which is particularly important for non-profits and community-based organizations.