A business needs all the protection that is available. That protection comes in the form of insurance, specifically commercial business insurance. Commercial insurance protects businesses from financial loss in the event that there is property damage and that the business would be held responsible or liable for the damage that was caused by services of the employees. Commercial insurance also covers negligent acts. For example, a negligent act could include failing to alert someone with signs that the floor is wet and someone slips, injuring themselves. Most negligent acts result in your business being responsible to pay medical expenses, as well legal and stringent damages. Having commercial business insurance can help protect your business from having to pay those damages out of pocket.

It should be noted that if one has commercial business insurance, there are limits to your insurance policy and there are different coverage plans available to suit your policy. Coverages include:

  • Coverage A: Bodily Injury and Property Damage Liability
  • Coverage B: Personal and Advertising Liability
  • Coverage C: Medical Payments

Bodily injury and property damage coverage provides protection loss from legal liability for those who are injured because of non-professional negligent acts coming from that business area or operation. Mental injuries or emotional harm would also be included in the bodily injury category.

Personal and advertising liability protects the character and reputation of someone or a company, and the work that they do. Under this coverage, the following would be protected: wrongful eviction and evasion of privacy, libel, slander, stealing someone else’s work, advertising or ideas and infringing on another’s copyright.

Medical payments include payments for injuries that non-employees have suffered that were caused by the environment of a business operation. Medical payments coverage can be prompted without the need of immediate legal action in order to make sure there is a quick settlement of claims.

Whether your business is big or small, it’s important to have coverage and to know the benefits of that coverage. If you are a business owner who is looking toward getting insurance, here are some questions you should consider:

  • Financially, are you prepared if someone sustains an injury at your place of business?
  • Do you know the steps and are you prepared for if and when an employee gets hurt on the job? Is there workers’ compensation?
  • What kind of coverage or liability protection limits would your business need?

These questions would be the basics to consider and understand before purchasing a commercial business insurance plan for your company. It is better to be proactive than reactive if your business is faced with a legal challenge. The best time to take action is now. Contact Robert Rice at 818-561-2600 or robert@sargeantinsurance.com to get started today.