Goodnow also notes that certain businesses need to be extra cautious. “If your business is a place with animals or banana peels or a gym with lots of equipment, you need to be even more vigilant in terms of inspecting regularly – and fixing any problems quickly,” he says.
If your business involves inherent risks – e.g., certain sporting or athletic activities – you may ask people to sign waivers or post signs warning of innate risks. However, be aware that “state laws vary as to the requirements for these waivers and their enforceability,” Goodnow says. It’s also important to note that inherently risky ventures will likely face higher small business insurance premiums.
If your business holds on to customers’ property – you repair watches or provide daycare for pets, for example – you may benefit from Bailee Insurance (or Inland Marine Insurance) coverage in case anything happens to the property while in your care.