Protect Your Business from Liability This Winter

Professional liability is a serious concern, and you need to protect your business from anything that could cause harm to your assets. One slip can damage your reputation and finances, even if you win the court case. Fortunately, the right kind of insurance offers protection from these issues.

Protect Your Business: What You Must Know First

You should know everything about commercial property insurance packages to keep your company safe.

What Is Property Insurance?

Property policies protect your business's physical space, such as landscaping, an office, or a warehouse. You can find varying levels of coverage, but every commercial package policy should include the following at the bare minimum:

• Theft
• Vandalism
• Explosion
• Fire
• Storms

Your insurance company pays for repairs of covered structures and replaces damaged items. You can pay for additional specialized policies if you need coverage for earthquakes, floods, and equipment breakdowns.

What Is General Liability Insurance?

As you may have guessed, general liability insurance protects your business from legal liability. If a guest sues for injury, your insurance company will handle the claim, including court costs and forming your legal defense. It's crucial to remember that these policies won't cover certain circumstances:

• Professional mistakes
• Auto accidents
• Intentional acts
• Workmanship 

How Can Businesses Reduce Their Liability Risks?

While insurance is critical for protecting your business should an accident occur, the best approach is prevention. For example, you can reduce the likelihood of customer injury during the winter with these maintenance tips:

• Hire a snow removal company
• Take care of ice immediately
• Choose non-slip flooring
• Place caution signs around slippery areas
• Ensure spaces have proper lightning
• Create a maintenance plan and documentation process.

You should also install security cameras, which can yield substantial evidence if a customer threatens to sue. If the video shows you did everything you could to keep guests safe and the injury was due to a customer's own negligence, you can avoid a court case. Additionally, don't forget that you can also be liable for employee injuries. Audit your workspace to identify dangers to your employees and create plans to mitigate risk. You should demand strict adherence, as a lax attitude toward safety can become a slippery slope.

How Can You Find the Right Property Insurance?

While you should buy general liability and property insurance as soon as possible, you don't want to rush into a contract that doesn't suit your needs. As your first step, figure out what kind of policies you need and what you can afford. Your industry may have regulations requiring a certain amount of coverage, so make compliance a top priority. Next, look for quotes to compare prices. Don't be afraid to ask questions, especially about the fine print. If you aren't sure about exceptions, ask the agent, "Is that included in commercial package policies?" You should also do your due diligence with consumer research. Read reviews to learn about the customer experience; a few dollars off your monthly premium isn't worth subpar customer service when you need it most.

About David G. Sayles Insurance Services

At David G. Sayles Insurance Services, we help our clients decide which of these options is best for them based on their current situation and risk factors.  Contact us at 1-855-977-1842 or insureme@dsayles.mysites.io for a consultation!