Why business insurance is important? What would happen to your business if one of your vendor's was responsible for an injury or accident that injured a customer, caused you to lose money, or even killed a person? Without insurance, you may find yourself in a lot of trouble dealing with claims. There are ways that you can protect your business, however.
Are customers usually on-site? This is important, as any claim made against you could cause you to lose revenue, which could cause your business to shut down. Also, make sure that your parking lots, sidewalks, and outdoor advertising are always clean and clear of debris, and that you constantly check and repair all light bulbs, and other fixtures that could cause a glare.
Employees – Most small business insurance policies cover the property damage and personal injury that employees cause on the job. This means that your company's assets are protected against any injury that an employee causes on the job. A slip and fall on the property, or an employee damaging equipment with physical force, is covered. Work-related injuries such as those sustained from illness or injury are also protected. Even death from on the job injury can be compensated for.
Property Damage – Many business insurance policies will provide coverage for property damage, which covers damage done to a business due to a fire, flood, explosion, lightning, windstorm, or vandalism. In addition, some property damage policies will cover damage caused by rioters. It's important to remember, though, that all policies vary.
Liability Insurance – One of the most popular types of business insurance policies is liability coverage. Liability coverage will protect business owners from lawsuits, if someone has been injured on your property, or on the property of someone else while on your property. Every business owner should carefully consider liability coverage, to make sure they are adequately protecting themselves, their families, and their businesses. This type of coverage varies widely among different companies. Be sure to shop around and read your policy thoroughly.
It is important to keep in mind, that liability insurance does not pay for anything aside from the claims covered under your policy. If a person slips and falls on your sidewalk, your liability insurance will not pay for your personal medical bills, or any expenses for the people who were injured. Similarly, if your business is damaged by vandals, then your liability insurance will not pay for your vending machines, your sign, your building, or your property. The limits of liability of a typical business insurance policy will vary by location, the amount of insurance coverage provided, and the company you buy the coverage from. Always remember that liability insurance is a critical part of every business owner's overall business protection policy.
There are also two types of commercial insurance policies that many small businesses fail to take advantage of. The first of these policies is commercial liability insurance. This type of policy covers claims made against a business, in which the policyholder is held responsible, and pays all the legal costs and settlements, and is almost always issued to the business owner's business name. These claims can come from a customer who is injured in your store, your employee that is injured while at work, or any other claim made against the business. Many times, a small-business owners' insurance policy will not cover these claims, because many small businesses simply choose not to handle these kinds of claims. Many individuals fail to realize that many of these kinds of cases are settled out of court, without ever going to court.
The second kind of coverage that many small business owners neglect to purchase is the employer's insurance coverage. Employer's insurance covers injuries that your employees sustain while on the job. Employers' insurance coverage is designed to protect you and your employees in the case that an employee is injured while on the job, regardless of whether the injury was sustained on the property of the business being insured. It is always important for small businesses to have this type of coverage, because it protects the employees as well as the employers. When you compare price, do not forget to add in the cost of employer's insurance coverage.
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