Getting Commercial: An Insurance Blog

As a business owner, you should be taking every possible step to protect your company and your investments. One of those steps should always be to secure commercial liability insurance. You might wonder why commercial liability insurance could possibly matter to a small startup or sole proprietorship, but the fact is that it's an essential investment for every business. You can't control everything that happens around your business or with your employees, so the peace of mind that liability insurance can give you may prove invaluable. Here are a few of the situations where commercial business insurance could help your business.

Injury On Your Property

Whether a customer slips on ice in your parking lot, or trips over something in your store, any kind of injury sustained on your company property could leave your business liable not only for the medical bills associated with the injury, but also for a host of other costs as well. If your company is not flush with cash, a lawsuit like this could ultimately bankrupt your operation. Depending on your company's structure, it may bankrupt you personally as well. 

If you invest in commercial liability insurance, though, you won't have that worry. You can be confident that your liability insurance will cover any claims resulting from an accident like this, preserving your company's finances as well as your own.

Damage To Customer Property

Maybe you're operating a service business or a retail operation with delivery options, but either way, there may be times when you have employees at a customer location or in a customer's house. Unfortunately, sometimes accidents happen and your customer's property may sustain damage. If so, your business can be held liable for that damage. Without business insurance to cover it, the business would have to pay for those costs outright.

Legal Fees

Inevitably, even some of the best businesses find themselves facing a lawsuit at some point. No matter what the reason for the lawsuit, if your business is facing court, you are going to incur legal fees for your representation, at a minimum. If the ruling doesn't go your way, you may have more costs to pay. 

That can prove to be prohibitive, especially to a fledgling business. However, if your company has commercial insurance, you'll have protection that can cover your legal fees as well as any penalties imposed by the courts as a result of the lawsuit.

These are a few of the many reasons why every commercial business needs to carry a liability insurance policy. Talk with your insurance broker or agent today for more guidance.