If you only take away one thing from this post, let it be that you should make sure your coverage is the right fit for you and your business before disaster strikes.
The purpose of business insurance is to minimize the financial risk that comes with running a business. Whether you’re running a company on your own or building a seven-figure or more empire with hundreds of employees, your business carries certain risks.
When it comes to commercial insurance, there are six key, main categories:
- General Liability Insurance – this will protect your business for anything it’s legally obligated to pay for due it’s business operations
- Product Liability Insurance – this would help with a financial loss due to a defect in product
- Professional Liability Insurance – negligence, malpractice or errors when providing your service would be covered by this
- Commercial Property Insurance – inventory. equipment, tools, machinery or buildings owned by your company would need this
- Workers Comp Insurance – provides wage replacement and medical benefits to employees injured in the course of employment
- Commercial Auto Insurance – Vehicle insurance providing liability, uninsured motorists bodily injury, medical payments, comp and collision coverage, rental benefit, hired and non-owned auto liability and physical damage and more….all designed to protect your business
If you run a business, it’s safe to say that you will need business insurance. This may seem like just another cost, but you might find it’s not as much of a dig in your budget as you might expect. If you are a client of Stromsoe Insurance Agency, you’ve already made one huge step towards savings! The beauty of using an independent insurance agency, is that we do the shopping around for you.
Here are some of the claim scenarios businesses have been sued over from our industry claim journals:
- At Oktoberfest, an intoxicated person did the chicken dance on a table. He fell off, broke his arm, and sued the city! He won an undisclosed amount. Now you know where to get your next “accidental” injury!
- Convenience stores are a target. During a drive-by shooting, a person pumping gas was shot and sued the store.
- People fighting in a parking lot get injured and sued the store. Talk about misplaced anger.
- One winter, there was an icy parking lot. A man slipped, fell, and injured himself. He then sued the store for not clearing the ice, despite winter weather warnings nationwide. Convenience stores don’t have it easy!
- In a correctional facility, a day visitor and an inmate were getting cozy on a picnic table. The table broke, injuries were sustained, and the prison was sued.
- A consumer bought frozen raspberries and laid them on her kitchen counter to thaw. The package leaked and her countertop got stained. She then sued the food packaging company and ended up with all-new kitchen counters!
Bottom line: Make sure to partner with your local, independent insurance agents who cares about you to make sure you understand how to insure your business so you leave nothing to chance — raspberry stains and all.
Questions? Want to learn more?
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PS Here’s a few words from one business owner that trusts Stromsoe Insurance Agency:
“AMAZING Staff, Service and Protection! I wouldn’t trust my business insurance to anyone else! Thank you for always looking out for me!”
Dione Moser – Co-Working Connection and Impact Marketing – Murrieta, CA – Client Since 2013
PPS Every policy is backed by our iron clad, 100% complete satisfaction guarantee. Ask for your copy today!