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Operating a Business Without Liability Insurance - Is It Legal?
Jul 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.
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