The Importance of Liability Coverage in Business Insurance
When you have business insurance, you can have confidence that in most cases of theft, vandalism or storm damage, any property loss will be covered according to the limits on your policy. But businesses should also understand the value of the liability coverage a business insurance program can provide.
Liability protects a business from the financial repercussions of a liability claim from someone who sustains a business-related injury. This could be a customer, delivery person or even someone who is hurt due to the actions of an employee. These injuries can range from a slip and fall or a falling ladder on a job site. If someone who is injured decides to sue you, it could be devastating. The legal and court costs alone could stop your business in place, even if no judgement is awarded. This is critical to keep in mind.
The liability portion of your business insurance program will not only cover any judgement or settlement costs made in a claim against you, but those potentially expensive legal costs.
How important is this protection? Well, imagine you don’t have liability protection, and a customer slips on some liquid on the floor of your store. Think of the sinking feeling you will have as an ambulance takes them away to fix a few broken ribs or a broken arm.
Now imagine this same scenario knowing you have sufficient business liability insurance.
It could change the entire course of your business and your focus for weeks or months to come. An equally damaging liability claim can still occur even if you don’t have a bricks and mortar business.
Sure, protecting your inventory, machinery, furniture, building and other physical assets your company owns is important. But so is making sure you have protection from those accidents that can happen virtually at any minute. This is where liability insurance is so important.
We understand it is not easy operating a business, and that budgets can be tight. But risking your entire business by operating without adequate business insurance is simply not worth it. Instead, we invite you to connect with one of our business insurance professionals. They’ll discuss your business with you and areas of risk. They can go to their network of insurance companies to get quotes for your specific situation. You just may be pleasantly surprised how affordable greater peace of mind can be.