Business Owners and Business Insurance
Just about any business is at-risk for possible lawsuits. An unsatisfied customer or injured employee could file a claim against a business. A person could even file a claim if they are injured on your business property or suffer an injury due to one of your products or advice you provide. Business insurance is available to help you have certain protections for your business.
Basically, this coverage is liability protection against lawsuits resulting from defective products, services, injury, or illness that can happen at your location.
A general policy provides coverage for several scenarios a business owner might face. These include faulty products, services, accidents, injuries, illness and other unexpected, unplanned, dangers or inherent risks in the nature of your business.
Types of Business Insurance
Professional liability is for people in the service industry. Faulty equipment can cause property damage, or injure the general public. But there is also product liability for when you are sued because of a defective product.
Commercial auto insurance is specifically for business vehicles. This is a must-have if vehicles play a major role in your business operations. Group health insurance is required for employees if you have at least 50 full time workers. And property insurance reduces the risk of liability for injuries sustained on your business property. Business interruption coverage is available as well, for periods of time when your business cannot operate. And Workman’s Compensation is required to cover medical expenses for employees who cannot work because of an injury.
Even with business insurance, you will have to file a claim just like with other insurance. But you will also be responsible for paying monthly premiums and meeting the deductible amount.
Business Insurance is Beneficial
Any business can find itself facing a lawsuit. It is smart to have insurance in place to help if that happens. Not only will you protect yourself, but you will protect the time and effort you have put into your business.