Owning and running a business can be a very costly ordeal. Making sure you have everything set in place to operate smoothly can be overwhelming, whether you’re a small business owner or own a large corporation. You may be wondering if commercial liability insurance is a worthy expense among other business expenses. While you might be considering skipping over it, read on why commercial liability insurance is an extremely beneficial expense.
Depending on your business, your employees and customers might be more at risk of getting injured than others. However, you may not even realize certain risks that are present- for example, if a customer slips on the ground that was just mopped, or if an employee is injured by a piece of equipment. Commercial liability insurance will protect your business financially if someone gets injured on your property or due to your business.
Property is also always at risk of getting damaged. If the damage of another employee or customer is ruined due to your business and you are liable, commercial liability insurance will protect you from the responsibility and finances. You have valuable property in your business, and protecting it from any damage will give you peace of mind.
Regardless of the type of business you’re in, you most likely have important data and information that should stay private. Especially if you have a lot of client information, if there’s some sort of data breach or hacking, all the information is at risk of being stolen. A lot of general liability insurance policies include a section for electronic data, as it’s understood how vital that information is. Getting general liability insurance will give you protection in the event of a dangerous cyber situation.
Protects Against Statements You Put Out
Sometimes, the damage your business causes isn’t physical- it’s possible to get legally and financially in trouble from what you say and put out on behalf of your business. One example of this is copyright infringement, which happens when someone accuses you of copying someone else’s work without their permission. If you’re accused of this, general liability insurance will help protect you and cover the costs.
You may also be accused of reputational harm if you publically release a statement that harms another business, or advertising injury if your advertisement somehow harms another person or business or contains untrue statements. Regardless of whether the statements you released were intended to be true, if you are accused of a type of defamation, the consequences could be very costly if you’re not covered.
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You work hard to make sure your business is successful. Skipping over commercial liability insurance is highly unadvised, as one little situation can be detrimental if you don’t have the necessary coverage. Having comprehensive coverage you can count on during a liability claim emergency can help protect you and your business from failing. Regardless of the type of insurance you need – whether it be professional liability insurance, home insurance, or personal auto insurance near Chicago, Atlantic Insurance has got you covered.