Businesses today must be mindful of a many different things in order to succeed; for example: staffing, products, rent, marketing, customers, taxes and insurance. Many times businesses, especially start-ups, focus on the first five or six items and leave insurance to the very end. Sometimes until it’s too late even.
Owners today of small and medium businesses may look at the possibility of a claim involving millions of dollars and think, that will never happen to my company. Lawsuits that reach into the million dollar realm are indeed rare, but they still happen. An owner could gamble on the likelihood of a large loss, or large injury claim affecting them, but what if it does? And, even if a company is lucky enough to avoid a large claim smaller claims happen regularly.
The Number One Commercial Accident Claim is…?
Slip and fall. Anywhere a business has customer traffic, they are is susceptible to a slip and fall claim. No matter how clean the floors are kept, or how clearly the area may be marked as slippery, “accidents” happen. Someone misses the caution signs, and suffers an injury. Sometimes the injuries are real and sometimes they aren’t. Either way, the cost to defend such an action is very real and you don’t want your business to have to bear these costs, or worse, to pay any judgement levied against your company if you are found to be negligent.
No Insurance? What Could Possibly Happen?
Unexpected accidents and claims happen all the time. Take these examples:
Contractors: A building owner hired a roofing contractor to roof a building. Complications occurred and leaks damaged the building. The contractor didn’t have insurance and therefore the claim fell onto the building owner’s insurance to cover the damage.
Related read: Hiring Another Company? Check their Insurance.
Misuse of Equipment: A coin-operated carwash was sued because a customer didn’t properly control the pressure washer and ended up with facial injuries. Cost: $50,000.
Upgrading Your Rental Unit: As part of an office refresh initiative, a commercial tenant installed new carpets, doors and windows. The sprinkler malfunctioned and caused substantial damage to all of the upgrades, which is not covered by the building owner’s insurance.
Office Party: A company held an office party. Sadly, one of the employees was later involved in a drunk driving accident. The company was deemed liable for $300,000.
Related Read: Having a Party? Invite Insurance.
So, What is the Best Way to Protect Your Business From Accident Claims?
Having the proper insurance coverage and limits for your business’ unique situation is vital. A commercial insurance expert, like the Brokers at Erb and Erb Insurance Brokers Ltd., will review your company or business and provide options that fit your situation. Having adequate coverage is paramount. – Commercial liability, Product liability, Cyber risk liability are only a few of the many important coverages to consider and review with your insurance Broker at Erb and Erb. Ignoring proper insurance coverage could mean the difference between surviving a claim and going bankrupt.
Have a claim? We’re Here for You!
Our commercial insurance experts will help guide you through every step of a claim and will act as your advocate to ensure your situation is being handled quickly and fairly. If a dispute arises we know the fine print of your policy and will use every coverage possible to help settle your claim.
We have relationships with many professions who can aid in your claim process; from lawyers and restoration experts, to adjusters and engineers.
Our work continues long after you’ve had a claim to help with creating loss control and risk management procedures to avoid future claims and injuries.
Have any questions or comments? Please write them below.
Thanks for reading.
Back to the Spring 2016 ProvERB