If you own or operate a business, you know that a substantial business loss could impact more than just yourself. Many different people rely on your business—employees, customers, suppliers, and vendors—and all could be impacted by an insurance loss. Accidents and mishaps are an unavoidable part of life. But advance planning and preparation is important for business owners and can make those situations easier.
Freezing rain, snow, sleet, ice, and cold precipitation are all winter hazards and, unfortunately, dragging some of that weather inside with us is often unavoidable. Water absorbent rugs and floor fans help reduce risk, but accidents can still happen. A key reason for insurance is to protect you in an unlikely instance that results from an unforeseen problem. A slip and fall is an easy example, but there are many things that could happen and cause an injury or damage for which someone or their business could be held liable.
A slip and fall injury is considered a bodily injury, which is something that a General Liability insurance policy would cover. There are other liabilities you may need to consider as well. For example, if your backup generator leaks fuel into the environment, is that covered? If an employee accuses you of discrimination or harassment, are you covered for that? Do you need any additional endorsements or policies? Your insurance agent would review these types of scenarios and coverage options and help you select insurance coverage, because no one knows your business operations and exposures better than you.
Considering possibilities can be complex and, like any business decision, you should weigh the value of the options you’re considering. The benefits of insurance are many though—financial stability through consistent known payments, financial security should a large loss occur, and risk assessment and mitigation tools—just to name a few. Your insurance agent has you covered and can answer any questions you may have around business insurance.