The fertilizer plant blast in Texas is a prime example of what happens when you are uninsured as a business. The explosion that happened on April 17, 2013, left 15 people dead and injured over 200 others. The fertilizer plant had a liability business insurance policy of $1 million. That money will have to be divided amongst all of those who have filed a lawsuit against the company, and it’s nowhere near enough to satisfy the claims.
Lawyers for plaintiffs are most likely going to have to see if there are other related companies that can be sued in order to recover damages for their clients. Lawsuits are most likely going to be filed against the owner of the plant for allowing unsafe conditions to exist. In the meantime, it’s a good bet that the fertilizer plant is out of business for good, leaving a swath of destruction in its wake.
You need insurance when you operate a business, no two ways about it. Having a policy that is adequate to cover your operations protects you and your assets from lawsuits that can put you out of business for good. It may seem like a nuisance and an extra bill now, but it provides you with valuable protection.
If you are interested in learning more about an insurance policy for your business, contact Stromsoe Insurance Agency for information.