Why would you need business insurance anyway? Lawsuits and legal claims are costly, and even when you have not done anything wrong, you can still be sued. Small business liability coverage, which includes commercial liability insurance, may save you and what you've worked for in the event of a lawsuit. When comparing business insurance quotes, be sure to look at both types of coverage, as well as what each policy covers.
First, understand that there are limits to liability. If your business serves alcohol or is a bar, restaurant, or fitness club, it may be at risk for liability. While there are limits, these may not protect you from a drunk patron or a slip and fall accident on your property.
Second, understand that personal items may be covered. Furniture, office supplies, computers, dishes, flooring, fixtures, jewelry, cash, and motorcycles are all items that may be covered. These items can be expensive to replace and may provide much needed financial protection. However, there may be limits. Items covered may include all furnishings, office supplies, and upholstery unless otherwise stated. Businesses that provide personal services, such as tanning salons and dog walking services, are not covered.
Third, understand that comprehensive coverage will protect against not only physical harm but also liability for slander, libel, public image, disparagement, among others. While this type of coverage protects your business from lawsuits, you cannot expect this type of protection from every business. Also, there may be limits. The more risky a lawsuit, the higher the limits of liability coverage will be. There are a few different factors to consider before deciding if this is the right type of protection for your business.
First, consider the risk factor. Liability is high in all industries; from product liability to professional liability. If you do not have sufficient coverage, you could be sued for large financial damages. Second, consider the potential cost to your business in the event of a lawsuit. Legal fees, medical expenses, judgments, damage restoration, and possible loss of customer goodwill and revenue are all factors to consider.
Finally, review your business policy to determine what services you are providing. Insurance policies can cover just that, or anything else. For example, a policy might cover your company for vandalism or theft, or for any injuries that may occur on company property. You might choose to have certain equipment or products added, or cover you for employee theft. Review the details and conditions of your policy to see what it actually covers. Remember, it never hurts to double check or verify everything.
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