3 Reasons Liability Insurance is Essential
Owning and running a small business is tough, but it can be even tougher when you don’t have liability insurance. Without this important piece of your risk control strategy, you could be opening up your business to a lot of trouble. Below are just a few reasons why liability insurance is essential:
1. It Protects After an Injury
After an injury accident has occurred on your company’s premises, liability insurance can cover the cost of medical bills and other expenses incurred by the injured party. Without liability insurance, your company may be responsible for all of this and more.
2. It May Protect in Court
If the injured party rejects your insurance provider’s offer of payment and he or she decides to sue, your policy may offer protection in court.
3. It Can Protect Against Property Damage Costs
If one of your employees, products, or services causes damage to someone’s property, your policy may provide compensation. Without liability insurance, your company will likely have to pay the total cost on its own.
Who Needs Liability Insurance?
You might think that just because your company is full of office workers that you don’t need liability insurance, but you would be wrong. While it’s true that certain industries, such as manufacturing and construction, are more likely to face injuries and accidents on the job, any business can find itself dealing with these problems. In your office, a wet floor could cause someone to slip and fall. Likewise, a lighting fixture could malfunction and electrocute someone. Also, the actions of your employees may lead to a data breach of customer information, possibly resulting in a lawsuit. In the end, it’s important for all businesses to obtain liability insurance.
Finding the Right Liability Insurance Coverages and Provider
Unfortunately, even though many business owners know that they need liability insurance, the process of finding the right coverages from the right provider can be a stumbling block. The Internet has made it easier than ever to look for insurance providers, but this is a double-edged sword. Because it’s so easy to be presented with options, business owners often find themselves overwhelmed with choices and offers, and eventually, they give up and put the search on the backburner. Of course, the longer they wait, the greater the danger that an accident will occur.
Work with an Insurance Broker
One way to avoid the hassle, headache, and confusion of searching for liability insurance is to work with an insurance broker. Insurance brokers are professionals who take into account the unique, individual needs of your specific company, and they then search a wide array of providers to find what you need at a price that is within your company’s budget. Also, because insurance brokers are usually independent, they are not required to push a single provider or product. When you work directly with a provider, it’s fairly certain that they are only going to promote and sell their own products.
Poms & Associates Offers Liability Insurance Brokers Who Can Help
If you’re interested in working with a broker to get the liability insurance coverage your company needs, Poms & Associates can help. We utilize the experience and expertise of our insurance brokerage professionals to get our clients coverage options that fit their needs. No matter what type of industry you’re in, we can get you coverage options to protect your business, its assets, and its employees. To learn more about how we can help you gain peace of mind, contact us for a free consultation.
Andrew Rusnak is an author who writes on topics that include liability insurance and business development.