With all the things that can happen unexpectedly in the course of conducting business, it’s a wonder that companies aren’t afraid to open their doors. In one mom and pop auto shop, a customer trips over some tools left on the workshop floor and falls to the cement, fracturing his wrist. Blocks away, a window dresser loses her balance while balancing on a stepladder to put a beret on a mannequin, falling backwards and crashing through the store’s plate-glass window, causing substantial injury to herself as well as to a woman who happened to be jogging past at just that moment. Across town at a high-end bike shop, a woman perusing a 21-speed sustains injury when she brushes against a row of precariously balanced performance bikes which fall against her, domino fashion. In each of these cases, a lawsuit could easily ensue-and unless these businesses have purchased public liability and professional indemnity insurance, they could literally be out of business.
The cost of compensation could be crippling
This type of business insurance coverage offers protection in the event you are sued for causing personal injury, death, damage to someone’s property, or bring advertising injury to another. The policy pays for court fees and legal costs, including damages should they be awarded-payouts that could possibly cost so much that, without coverage, your business could be crippled for years or even shuttered completely.
Savvy business owners don’t look at paying their premiums as just an expense; they know that protecting their property and activities is one of the best investments they can make in their company and their future. And while they are accustomed to wearing many hats as a small business owner, smart owners also know that analyzing and evaluating all of their risks and determining what suite of coverages they need is best accomplished by a professional who has the necessary education and experience. Understanding the differences between policy features and benefits offered by competing companies, exclusions, policy limits, and premium comparisons is an incredibly important job.
Seek the advice of a professional insurance agent to make sure you are receiving the most comprehensive coverage at the best price.