There are multiple risks involved with operating a business. Business owners can rely on business liability insurance during emergency situations. Business liability insurance policies cover owners from suffering major financial losses if the business is responsible for property damage, advertising negligence, or bodily injuries. The policy covers your employees and services against potential claims. Business liability insurance will cover any medical or legal fees as a result of the damages, as well as any repair or replacement costs.
-
Bodily Injuries
Bodily injury claims impact many businesses. Perhaps a patron was visiting your business and slipped on a wet spot, spraining their knee. Perhaps one of your customers alleges that your defective product caused them bodily harm. Liability insurance steps in to cover the injured party’s medical treatment. You’re also covered if the injured party sues you, as liability insurance will handle your legal fees. Any losses regarding injuries sustained by one of your employees are generally excluded from business liability insurance policies. Workers compensation will handle the claims. If your business is responsible for causing an offsite injury to a client, business liability insurance may not fully cover you. You may need to amend your policy to add umbrella insurance or employment practices liability insurance.
-
Handling Medical Claims
As previously noted, business liability insurance offers limited coverage if one of your customers is injured on your property or due to your general negligence. The policy should cover the injured party’s potential surgeries and rehabilitation, if necessary. In serious cases, the policy will provide death benefits to assist with the impacted party’s funeral expenses.
-
Advertising Injuries
Business liability insurance also covers you if your business is accused of advertising negligence or making harmful statements. Some of the most common issues businesses deal with are libel and slander. Your business is also protected if you are accused of copyright infringement or illegally using someone’s advertising idea. Business liability insurance will cover your legal fees if the impacted party pursues litigation.
-
Finding The Right Policy
You have the option to purchase business liability insurance on your own or as part of a Business Owners Policy. It’s recommended that you contact your agent to help you find the right policy. BOP is often appealing to small businesses that may not have the financial resources to purchase separate policies.
-
Potential Add-Ons
Adding Directors and Officers Liability insurance is recommended if you have a Board of Directors. The policy covers your business against allegations that someone in a leadership position committed wrongful acts. You can amend the policy to cover your employee’s negligent acts.
Consult With Lou Aggetta Insurance Inc.
Business liability insurance acts as a safety net for your business when something goes wrong. Accidents can occur at any moment, which is why it is important to have protection in place. If you have questions about business liability insurance and potential exclusions, contact our experts here at Lou Aggetta Insurance Inc., and we will make sure that you are covered in every situation.