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Protect your business

In our last post, we talked about how to protect your business against third party claims of bodily injury and property damage.  If you missed, you click here to read that post.

Let’s talk about ways to ensure that you round out your business’s protection.

Commercial Auto Liability

If your business owns vehicles or you or your employees use your personal vehicles in the course of your business, you have any kind of advertisement on your vehicle or you are hauling materials to job sites, your General Liability policy likely contains an exclusion for commercial auto liability.  Consider a commercial auto policy to protect your business.

Worker’s Comp

Coverage to protect your employees from injury or illness while on the job.  Employees are one of your business’ biggest assets. And injury or illness to them, could mean that they are out of work for a period time with no way to support their families. Worker Comp coverage, not only protects your business from a financial loss, it allows your injured employee to recover without the burden of medical expenses and replacement of their lost of income. Make sure that you as the owner are also covered in your workers comp policy.

Business Property

Your General Liability policy will not cover loss to things like: your office furniture, electronics, tools and equipment.  Your home insurance has very limited – if any – coverage for your business property and a high deductible. You need commercial property coverage or a contractors tools and equipment policy.

Professional Liability

If you or your employees make a mistake in the course of your work, your professional liability coverage will help cover the ensuing loss. Things like: violating your contractual obligation to your your customer, providing advice that causes your customer financial harm, or failure to deliver a product or services as promised might be covered with a professional liability. And yes – even contractors need this coverage.

Insurance is complex but you don’t have to go at it alone.  Leal Insurance Service can help you navigate the ins and outs of insurance to make sure that your business is properly protected.

Ready for a quote?  Click here

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Business owners’ – have you ever asked yourself any of the following questions:

“What in the world is General Liability Insurance?”

“What does it cover?”

Or, “Why do I need it?”

We’ll answer those questions and more.

We’ll start with “what is a general liability policy?” Simply put, General Liability insurance protects your business against claims by a third part of bodily injury or property damage.

Here are some examples:

  • A customer or other visitor is injured while in your shop or office
  • You or your employees make a mistake or neglects to do something they should have and it cause harm to a third party
  • Your advertising/marketing causes damage to a third party
  • Your business is accused of slander or libel

Every business owner should have General Liability insurance.  Your business assets, including: cash, accounts receivable, materials, equipment and yes, even your personal assets – regardless if you structure your business as a LLC – may have to be liquated in the event someone wins a judgement against you.

That’s right, even if your business is set up as an LLC, you still could be held personally liable for damages.  Here are a few examples of when your personal assets may be at risk:

  • You personally guarantee a business loan
  • You don’t keep your business and personal assets completely separate
  • You do something that is illegal (knowingly or unknowingly)

Because we live in such a litigious society, the cost to defend you alone could bankrupt a business owner without the protection a General Liability policy offers, even if you’re not at fault.  General Liability policies are one of the best ways to ensure that your business is able to recover in the event of covered loss.

Despite the name, General Liability insurance is not a cache all coverage.  There things that aren’t covered by the General Liability.  Click here to find out more.

Ready for a quote? Click Here

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