A liability claim can threaten even the most successful small business. If you run a business, the sight of active customer traffic can be a pleasant one, but if a customer falls down and sustains a serious injury, it could cost your business a significant amount of money. Therefore, it is essential that all business owners have commercial liability insurance.
What Does Commercial Liability Insurance Cover?
There are different types of liability insurance. Commercial general liability insurance covers bodily injury and damage to property that occurs while on the premises. The damage or injury can be caused by business operations or items on the premises, including products. Although general commercial liability insurance can cover many of the accidents and events that can lead to an expensive lawsuit, business owners may want to get coverage for specific items that are not covered in the general plan.
Pay Attention to Details
It is important to be aware of the details in a commercial liability insurance plan. For instance, a regular plan may cover injury or damage caused by the company’s products on the premises, but this may not cover products that have been recalled. In many cases, coverage only applies to events that occur during regular business hours and not on weekends or times when the building is closed. The coverage may also not extend to liability issues resulting from products used at home and may be confined to problems caused by products on the company’s premises.
Do You Need Additional Commercial Liability Coverage?
A general commercial liability insurance plan will cover most events that can occur on the business premises during working hours, but many business owners feel they need additional coverage. Large companies with many employees may opt for liability insurance that will cover them if there are claims of unfair dismissal or workplace harassment. Businesses with complex financial operations may need insurance to provide coverage for errors in financial reporting. In addition, defective products are a worry of many business owners, and special coverage is required if the company produces items on a massive scale.
Choosing the Right Insurance
Every business owner needs liability insurance. The question is how much. A general plan will cover your company and its premises during regular working hours, but you may need extra coverage for your merchandise, events that can happen in the warehouse and other variables. Talk to an expert at Boardwalk insurance about business liability insurance plans. Browse our website and feel free to contact our representatives to answer your questions.