Business insurance helps to protect against the expenditure of property damage or bodily injury claims against you company. For instance, a consumer may bring a claim against you for an injury he has suffered at your retail store. General liability will help cover you for possible lost income and expenses and the associated legal costs. It is important that you understand exactly what is covered under your policy so that you know whether you are adequately protected.
Every business faces a specific set of risks and it is important that you understand what those risks are. For example, in some states consumers bring lawsuits against businesses if they experience injuries while engaging in their activities. In other states, manufacturers or suppliers are held liable for damages incurred in the course of doing business. It is in each of these instances that your business insurance could play an important role. If you were to allow legal protection to lapse, you could face financial ruin because you would be required to pay all of the legal costs incurred in defending the lawsuits.
Commercial property is not the only area in which home-based business insurance helps cover loss and liability risks. A lawsuit against a business owner who slips and falls on the premises can also cause financial devastation. In addition, the risk of damage to the owner’s health can also be quite substantial. Health coverage can be costly and its exclusion may mean that the business owner will have to foot the bill for any medical treatment she requires. If a business owner is sued for slip and fall accidents, he may find himself in a position where he cannot work until he heals. A commercial property liability policy can help to cover these types of liabilities.
Your home-based business may also face liability risks that are unique to the industry it represents. If a manufacturer sells products that injure people and cause them to become injured and suffer permanent injury, the manufacturer may be held legally responsible for such injuries. If the products are sold in your home, you may want to consider purchasing commercial general liability insurance to cover the manufacturer.
Businesses often face legal risks that arise from customers who are angry or upset over something that happened at your business or within your business premises. If a customer is injured because of this activity, you may be required to cover his medical expenses and compensate him for pain and suffering. The cost of a commercial general liability insurance policy to cover such incidents is likely to be expensive. However, if you choose a plan that includes coverage for such incidents, you will have a legal defense at your disposal should a customer to file a lawsuit against you.
Another area in which home-based businesses can be exposed to legal risk lies in advertising. You cannot possibly take out a general liability policy that will cover you for every type of advertisement for your company conduct, but you can build a legal team that will protect you from lawsuits that result from any type of advertisement that you conduct. Commercial insurance that covers lawsuits from customers who are injured due to your company’s negligence is affordable and easy to obtain. Your company may want to consider a professional commercial insurance broker that can assist you with obtaining the right policy for your company and its needs. With the assistance of a commercial insurance broker, you can find insurance coverage that not only covers lawsuits that result from negligence, but also from defamation as well as other claims that may occur as the result of your company’s advertisements or product sales.
If you own a store that sells goods and services to consumers, you are probably aware of the risks that can occur when a consumer comes into contact with a product that is not safe for them to use. If a customer purchases an item from you, and becomes ill as a result of using it, you may be held legally liable for the resulting damages. An insurance policy that covers losses from such a situation can provide you with the financial means to repair your store so that it is safe for consumers to purchase from you again. If a lawsuit is filed against you in this situation, an insurance policy that covers loss from negligence may save you from a financial loss and the hassle of defending yourself in court.
Professional insurance agents will be familiar with the various types of insurance policies available to businesses today, including those that are designed to cover claims from customers who suffer injury as a result of purchasing products from your company. They can help you understand what your insurance policy covers, and how it differs from your competitors. They can also assist you in the selection of the appropriate type of insurance that will meet your company’s unique needs. There are a variety of insurance options available to businesses that are designed to protect you from many different risks and losses, including litigation involving the products you sell. As an added extra, insurance agents can also assist you with finding the right employee health benefits that will cover you for any employee who is injured while on the job.