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LIABILITY LOSSES
Every business also faces exposure to liability losses. A business may become legally liable (i.e., responsible for payment) for bodily injury suffered by another person or persons, or for damage to or destruction of the property of others. This liability may be the result of:
- A court decision (as in a lawsuit charging negligence)
- Statutory provisions (such as a state's workers' compensation law)
- Violation of contract provisions (a contract that makes one party responsible for certain kinds of losses)
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This article is reprinted by permission of the SBA and The Travelers, Hartford, Connecticut.
For more information on SBA programs go to www.sba.gov
