Many small businesses operate without liability insurance to cut down on operating costs, but in today's business climate in which frivolous lawsuits are brought against companies on a daily basis, operating without any liability coverage is a highly volatile practice. Often, the cost of defending a claim without insurance can push a small business into extreme debt or bankruptcy.
Small business liability insurance can end up saving a company from a financial disaster in the long term and there are ways business owners can reduce their rates. Aside from implementing a sound quality control or risk management program, there are several proactive steps companies can take to keep small business insurance coverage costs at bay, including:
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