It simply doesn’t make sense to try to run a business without insurance coverage for any number of things that may go wrong during the course of daily operations. General liability insurance protects your business from claims of bodily injury, whether it comes from an individual or another business entity. These can be claims ranging from any associated medical costs to damage incurred to property. The cost doesn’t have to be prohibitive either. Cheap commercial insurance can be found locally and will cover these and other issues related to running your company.
Let’s say that, for example, a customer falls over a display in the store and gets cut up and badly bruised and decides to sue you. You’re legally liable for the injury and any ensuing medical bills arising from the injuries. Your insurance will cover the subsequent claim and related medical expenses up to your general liability policy’s limits.
Property damage and data loss
Let’s say your visiting the offices of a client and that you inadvertently spill a cup full of coffee into their server, which not only causes damage but also loss of data. Without insurance it will be rather costly to cover the subsequent claim.
If one of your employees is overheard speaking badly about one of your clients and the client learns of this conversation, he or she could decide to sue for slander. Again, your business liability coverage will cover the subsequent claim, up to the policy’s limits, and pay for an attorney to defend you if necessary.
To adequately protect your business you must take the time to assess the risks you may face and choose insurance coverage accordingly. Insurance policies are available that cover equipment, real property and buildings, inventories, and other business assets.
Don’t wind up under-insured or uninsured as this could very well end up crippling your business. Securing the right types of cheap commercial insurance, as well as the right amounts can help to keep your business a successful and profitable one. Do some research and consider carefully the various types of insurance customarily available to small businesses before you talk to your insurance agent.