How can a business reduce its liability?
Reducing business liability doesn’t have to be complicated. Here are some simple tips on how you can reduce your business liability.
What is liability in business?
Liability is the risk of any sort of loss from your business, most commonly money and debts.
This could also be loss that occurs due to risk, negligence and even unforeseen circumstances (like a global pandemic).
Common types of loss from businesses include:
1. **Business failure**. This is the most common cause of bankruptcy. While the risk of loss is greatest in the first years of operation, it can happen any time.
2. **Inadequate insurance**. This means not getting insurance at all, or not getting enough insurance to cover your operations and relationships.
3. **Insufficient management**. Not...