Slander and Libel Business Protection for Your Small Business

Owning a business comes with the risk of being sued, not matter how small your company is. One of the biggest lawsuit threats to all businesses, especially with the prevalence of computers in the workplace, is a defamation lawsuit. Having the right insurance policies is the best way to ensure that your business is protected in case of a defamation lawsuit.

Defamation is a false statement that causes another person to suffer in some way. As for businesses, defamation is any false statement that harms that company and its reputation. If the defamation statement is written, it is known as libel, while if the statement is spoken it is known as slander. A typical business liability insurance policy will provide enough coverage for small to medium sized businesses in case of a defamation lawsuit.

When looking for the right liability coverage for your business, consider these four guidelines:

  1. Amount you need – when figuring out how much coverage you need, look at the finances of your business. Invest in enough coverage to at least cover your average annual sales.
  2. Consider your risks – different fields need different amount of coverage. If you operate in a low risk industry, you will not need as much coverage as businesses that operate in a high-risk industry.
  3. Know what is covered – typical policies have two set limits, one that is applied to each lawsuit and another limit for the overall policy. Make sure that you know how each limit applies to your business.
  4. Consider buying more – investing in more coverage may not only provide extra coverage for your business, but it may also lower the overall cost of the policy.

For all of your slander and libel business protection needs, contact Agape Brokers Insurance Agency in Hemet, California. We will work with you to ensure that you have the right amount of coverage for any unfortunate situation.

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