No business is without its risks. Responsible owners must create safe environments for employees and visitors. A safe business environment reduces the risks an operation poses to its insurers.
By reducing risks, companies can cut the chances that they will suffer from financial loss following a liability claim.
Liability insurance helps protect your business in case the business’ environment, operations or employees cause damage or injuries to another person or their property. Proper protection for your business means investing in the right liability insurance.
Liability Insurance Options
No two businesses are alike. That is why they need different liability insurance to fully cover their risks. It helps to take a close look at your options with your insurance agent. By examining different coverage, you can get the right policy to meet your needs.
General Liability Insurance: If someone gets sick or hurt on your property, general liability coverage might help. It may help you compensate that person for any financial problems they encounter.
Commercial Auto Insurance: If you operate vehicles for business, protect them with this coverage. Commercial auto liability insurance has higher coverage levels than the standard auto policy. Liability insurance can protect the business in case a company vehicle or driver is at fault in a wreck.
Professional Liability Coverage: There is a chance that professional services or advice could harm a client or their assets. The client could claim damages or sue you because of these mistakes. This coverage can help you in cases where you have to make up for mistakes the business makes.
Employment Practices Liability Insurance: Workers have rights. Tight regulations govern business environments and practices. Should an employee claim discrimination, harassment or other allegations, that could spell problems. EPLI coverage can help you fight back against these claims. Coverage can also help you instate proper reforms to make sure they don’t happen again.
Cyber Liability Insurance: Most businesses rely on computers and data networks. Networks face risks of failure or data breaches regardless of their security systems. Should you face a data breach or loss, this insurance can help you protect clients and repair the system.
Workers’ Compensation: There is always a chance that an employee could get hurt or sick on the job. A company often has to compensate the employee with an income or settlement as he or she recovers. Companies often provide workers’ compensation regardless of if the injury was their fault. Workers’ compensation insurance can help a company afford this payout to the employee. Learn more about worker's compensation and other employee benefits our helpful blog.
There is no rhyme for getting the perfect business liability insurance coverage. The right policy combination comes after you carefully analyze your specific risks. Your insurance agent can help you determine how best to combine insurance options.
Securing Your Business from Liability Risks
Your responsibility to create a safe business environment doesn’t go away. A safe business reduces insurance risks for both your clients and your employees.
- Take a look around your business for common areas of risk. These may include machinery risks, floor operations, and risks in common spaces. Make note of places where potential hazards exist. If you can mitigate these risks, take steps to do so.
- Slips and falls are among the most common types of liability risks. Keep an eye out for hazards that could cause these injuries. Hazards may include steps and staircases, uneven walkways, leaks and misplaced furnishings. Walking through your business a couple of times per day can help you catch dangerous items.
- Inspect the company’s machinery thoroughly. Machinery includes everything from manufacturing equipment to a personal computer. Look for signs of corrosion and physical damage. If you notice damages or malfunctions, it is often best to shut machinery down until you can repair it.
- Check your common areas where people tend to congregate. These may be areas like your break room, or your front lobby. Make sure the floors are clean, and that machinery and furniture in these areas work properly.
- Post safety notices around potentially dangerous areas. These may include wet floor signs, instructions for appliances, or off limits signs.
- Secure your data networks. Even current security systems struggle to stay ahead of hackers or data thieves. To reduce the risk of data breaches, train your employees in proper data security methods. Monitor access to your computers and data networks.
- Inspect vital systems like the plumbing, HVAC and electrical systems. If one of these systems breaks down, it could harm people inside the business.
- Operate your business transparently and honestly. Doing so lessens risks of employment rights violations and dishonest business practices.
Always encourage an open and honest communications network within the business. This will help you keep liability awareness at the forefront of the business.
We’ve got you covered. Call Bouchard Insurance at 800.966.6481 to speak to one of our agents about your coverage options. Get a fast, free quote on liability insurance right now.