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Operating a Business Without Liability Insurance - Is It Legal?
July 27, 2021
What is Legal is Not Always What is Smart
Unless your local jurisdiction states otherwise, it is not illegal to operate a business without General Liability Insurance.
Ill-advised? Without a doubt
Many landlord lease agreements require General Liability insurance.
Being able to compensate those who might be injured while patronizing your business carries a moral obligation for a business owner as well.
General Liability Insurance is a financial tool that transfers the risk of injury to visitors and patrons of a business. It provides a mechanism to compensate them as civil law requires. As a result liability insurance in all its forms protects the business from economic disaster.
Setting the bar at “legality” for a tool this important is like putting the Limbo Bar at Six (6) feet. Nearly anyone can get under that.
Set your sights higher. Or in the case of the Limbo Bar analogy, much lower. Think in terms of protecting others and safeguarding the economic viability of the business.
Do you have additional questions about business insurance? We LOVE to help. Please feel welcome to call us at 607-324-7500
This article may have been originally published at Quora.com.
To see Jeff's Quora.com profile click here.
“Am I covered if I drive someone else’s car?” Or, “Am I covered if someone else drives mine?”
Many don’t realize that the insurance industry is one of the country's most regulated business segments, especially in New York State. The New York State Department of Financial Services (NYS DFS) wields significant control over the insurance business and has a stated goal of protecting consumers.
Most property insurance companies offer Actual Cash Value or Replacement Cost settlement options. Typically, insurance companies will require that you insure the property to the settlement value you choose. If you select Actual Cash Value, the amount you may be required to insure the property for will be less than the corresponding Replacement Value.
In that spirit, the Ryan Agency is sponsoring a Stearns BBQ Dinner pickup at our office on 57 Broadway Mall in Hornell on September 12th from 3:00 PM to 4:30 PM.
Today, an individual’s credit history can play a more significant role than any one of those traditional factors. Good Credit Scores lead to a Positive Insurance score. A good Insurance Score greatly influences what someone will pay to insure their vehicles.
Insurance companies offer various discounts for which their policyholders may qualify.
Great Eight number Six (6) suggests taking a look at removing Comprehensive and Collision on Older Vehicles.
By reducing the number of claims in your insurance history, you can significantly affect your rates in the future.
Sometimes, this concept meets with resistance from policyholders. The thought of paying more in the event of a claim is off-putting to some. Even if that means I pay more for my insurance.
OK. Admittedly, this strategy doesn't benefit everyone, but it can be very beneficial for those it does. You may have unique home or auto insurance needs that prevent you from bundling with the same company. Alternatively… you might have a better rate without the bundle discount by splitting up your insurance between multiple carriers.
