Insurance For Your Business

Insurance For Your Business

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For small businesses, self-employed people and renters, an insured business plan can be the difference between success and failure. If you were faced with a lawsuit because you injured someone in your home or on your property, would you be able to afford the defense? Or, what about if a family member fell and broke their leg while sliding down the stairs? If you answered no to either of these questions, would you be able to afford the medical expenses and keep your house and belongings in the condition that they are in now? Most people answer no to both questions, but most small businesses and homeowners don’t realize that the answer to this question is also determined by an important part of their business: the assets held within the business.

An uninsured business is not subject to Washington State insurance regulations. This means that if you had an accident, could settle it without contacting your insurer. However, if you do contact your insurance policy, you could still be successful in settling a claim if you directly communicate with the insured business, or if you eventually need to hire an attorney to settle the claim. Here are some other situations that indicate whether or not your business is covered by an auto liability lawsuit insurance policy.

* Physical Location – An insured business insurance policy will usually cover accidents that happen to take place on or near the physical location of the business. So, for example, if a customer slips and falls on your front walk, the business insurance will pay your medical bills and the repair of the customer’s damaged shoes. The same goes for customers who trip and fall in your restaurant, because you probably have a slip-and-fall prevention safety program in place, which your insurer will also pay for. Therefore, your insurance coverage will typically include any injuries or damage that occurs in the “location” of your business.

* Other Legal Costs – Even if the insured business does not incur any property damage, it can still suffer legal costs and losses due to negligence. For example, if a customer trips and falls on your sidewalk, but sue anyway, your liabilities may include court costs and attorney fees. However, most insurance policies will not include these costs. Instead, you will need to purchase additional liability coverage to “top off” any preexisting legal costs that you have already paid. Just be sure to check your policy, because different companies will have different limits on what they will cover.

* Use of the Building – If your business includes a building and it becomes damaged, your liability coverage will protect against your uninsured losses caused by damage to the building. Generally, if your insured business has contracted with an insurer to carry insurance on its building, that company will provide you with a policy that covers your losses in the event of a lawsuit being filed against you. Be sure to check out the terms of your policy, because sometimes the damages are covered automatically. However, make sure you know exactly what your policy covers, or consult your insurer. Sometimes, an additional industrial safety plan, personal property policy or other insurance policy will be required before your business can be considered for such coverage.

* Theft and Damage to Indoor Airports, Landscapes and Self Storage – If your company produces any merchandise that is subject to an environment, such as products of jewelry or electronics that are outside of your company’s storerooms, then you will need to obtain certain types of physical damage coverage. Typically, an indoor air pollution policy or HAP product will provide coverage for thefts and damages to any indoor air pollution inside of your business’s facility. You should also check with your insured, to see if your HAP coverage includes any coverage for damages to any outdoor equipment used by your company. In addition, for customers who frequently use this outdoor equipment, you should consider purchasing additional rider policies to provide additional coverage. Some examples of these types of additional rider policies include accidental discharge coverage, which provides coverage for any accidental discharges of chemicals, paint, ink or other similar products.

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