Commercial liability insurance protects your business from financial loss in the event you are sued because of injuries, death, or property damage caused by your employees or business operations. A typical example would be if someone trips, slips, or falls in your workplace and sustains a broken arm. Your commercial liability insurance policy would protect you against any claims, as your insurer would be the one to pay out.
We live in a society where lawsuits are encouraged. It is in the best interests of law firms to aggressively pursue claims, and if you dont have commercial liability insurance, you are leaving your business completely exposed. It is possible for claims to escalate into the millions, so if you are uninsured and an accident happens on your premises, a successful claim may bankrupt your company!
Hire an Independent Agent
Commercial liability insurance is not something you can buy on a whim. It has to provide adequate protection or else the policy is more or less pointless. Typically, there are several different forms of protection in this kind of insurance:
Bodily Injury/Property Damage Liability: If your company, an employee, or anything associated with your business causes physical harm to an individual or damages their property, this can cover you.
Personal Injury Liability: Covers alleged damages that dont result in physical bodily harm. Instead, this aspect of a commercial liability insurance policy covers things like libel.
Advertising Injury: Covers damages caused by slander, copyright infringement, etc., caused during your companys advertising campaigns.
Medical Expenses: Pays for any medical expenses (minor) that arise from an accident caused by your companys operations or on its property.
While all of the above may seem straightforward enough, there are a wide range of exclusions contained in every aspect of every commercial liability insurance policy.
Save Time and Money
If you attempt to purchase your own insurance, there is a possibility of either under-covering or over-covering your business. It is common for business owners to worry so much about the issue that it begins to affect their day-to-day running of the company. This is certainly understandable, because there is always a risk of an accident happening and your business being under the spotlight for all the wrong reasons.
Fortunately, you can rely on an independent insurance agent to take care of all the major and minor issues associated with a commercial liability insurance policy. All you have to do is explain your companys insurance needs to the agent, and he or she will do the rest. Independent agents have access to hundreds of different insurance companies within your state and can compare and contrast both price and coverage levels.
The result is an insurance policy that completely bulletproofs your business. Your role is a minor one, which means you can focus on what youre best at: running your company. Agents are obliged to find you the lowest priced quote, too, and since they have no affiliation with any company and are bound by a code of conduct, you can rest assured your agent will get you the best commercial liability insurance deal.