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Reader’s Question:
I have a retail store here in South Carolina. I heard another store right across the street was sued by a customer because of a slip accident on the store’s wet floor. Will I get protection against such accidents for my own store?
Jodie
Columbia, SC
There is something called commercial insurance that can protect your business for such. This is probably one of the most common commercial auto insurance in South Carolina. This is also called liability coverage by some providers.
The liability coverage is an insurance used to protect the business from any form of liabilities, like costs for accident. The commercial insurance for liability can protect policyholders from lawsuits like in your example too. This can also be used to pay on medical bills for the injured third party.
A commercial insurance policy with this kind of coverage could help you in meeting financial obligation of the complaining customer. If you do not have liability coverage in your commercial insurance yet, it would be best for you to get one. Most liability coverage does not cover injuries of personnel or worker of the store. The coverage for this case is called worker’s compensation and this is directed towards the protection on the personnel or workers of the business which is a separate policy coverage. You can phone in your other queries to your local insurer there.
Business General Liability Insurance Quotes
Reader’s Question:
My friends told me that for any business, a business general liability insurance is essential. How should I decide for this?
Klein
Salem OR
No matter what necessary precautions we take in the course of our business operations, accidents and injuries are inevitable. When there are injuries and accidents in your business’ properties, claims against your company will surely be filed and will put you in the legal situation in which you’ll have to pay for liabilities. This is where your business general liability insurance comes in. This type of liability insurance will cover your business against injury, property damages and slander or libel due to advertising claims. A business general liability insurance is very important for most companies, coupled with property insurance and worker’s compensation insurance.
Assess the nature of your business. Is your manufacturing area implementing the necessary safety precautions to avoid injuries and accidents? Are your products considered hazard-free and accident-prone? Prior to buying your general liability insurance, you must assess the degree of risk associated with your business. A manufacturer for cars and automobiles will have a greater risk of being in litigation than a company that manufactures papers. Thus, the automobile manufacturer will require a higher general liability insurance coverage than the paper makers.
The next thing to do is assess the location that you’re in, or if you’re in the U.S., the state where you’re in. Take note of how the courts in your local area are awarding the claimants in general business litigation. Businesses located in areas where local courts have a history of awarding high amounts of damages to plaintiffs should acquire a liability insurance with a larger coverage.
You may have to purchase an umbrella liability insurance just in case the damages amount awarded against you will be larger than the coverage offered by your business general liability insurance. Normally, insurance policies for general liability always declare a maximum amount that your insurance provider will pay during the policy period. Once, your litigation liability exceeds this amount, you will have to pay for the excess. If you have an umbrella liability insurance, it will pay these excesses for you.
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