Scenarios Liability Insurance Can Protect You From

Scenarios Liability Insurance Can Protect You From

If you are a business owner, you want to protect yourself financially. Liability insurance is a great option, and premiums are more affordable than you might think. Understanding some of the scenarios you can be protected against with the policy will make it easier for you to spend the money within your business budget.

Customer Fall

When you open your doors to customers, whether you are an office building, a doctor office, or a retail store, customers are going to walk in. If they injure themselves on your property, such as with a slip and fall, you are held liable.

Even though you may help them up and everything seems fine, you don’t know what’s going to happen next. You can take down their name and number in order to follow up. In many instances, the fall never looks too serious. However, you could get a call the next morning that they had to go to the hospital because of injuries that showed up later.

Regardless of how serious the fall is, you need to provide protection for your business.

Bad Advice

You might be in an industry where you give advice to your customers. This could be legal, financial, medical, or otherwise. If the advice turns out to be “bad” and customer loses money or get injured because of what you advise them to do, they could sue.

The detriment to this is that you will end up with legal fees as well as a possible settlement. If you don’t want to lose a significant amount of your business revenue to dealing with the lawsuit, liability insurance should be in place.

Broken Product

Products break from time to time. You may have one of the best quality assurance departments in the industry. However, an item could easily break during transit. A customer could even break the item unintentionally. Should the broken product lead to an injury or some other kind of damage, you are likely to be held liable because you are the distributor or manufacturer.

Broken products are responsible for a number of lawsuits that take place every single year.

Employee Injury

Employees could easily hurt themselves on your premises. Whether it’s within your warehouse, or even driving around in a company vehicle, if they get hurt, they may file a workers compensation claim. In addition to this, they may also sue you because of providing an “unsafe” workplace.

All of these scenarios are going to vary based upon the industry you are in and how you operate your business. Obviously, if customers never make it into your doors, you won’t have to worry about them getting injured on your property. However, there may be various other scenarios that will impact your business.

We live in a “sue happy” society. People will contact a lawyer if they aren’t happy with something, and lawsuits occur all the time. You don’t want to lose your business because one person decided to sue you and the courts decided to side with them.

You have the opportunity to work with an independent insurance agent in order to explore liability insurance in Florida. It’s a great way to protect yourself and your business financially.