Many people associated construction worksites with accidents and liability risks, but the truth is that an accident can happen anywhere, at any time. And the tiniest upset could cause a customer or client to sue your business for everything its worth. Whether grounded or frivolous, this type of lawsuit could bankrupt your business and/or destroy its good reputation.
But you don’t have to settle for financial ruin. While there’s always a risk present, commercial liability insurance is designed to protect businesses from facing the associated loss. What does this type of insurance cover? Any expenses that a business is legally liable to pay for—legal defense fees, court settlements, medical expenses etc.—can be covered by commercial liability insurance (after the deductible is paid). Some policies may also cover damage repair, such as PR and new advertising campaigns.
Your independent insurance agent can help you determine the amount of coverage that is right for your business. Some businesses may even qualify for a bundle package called a business owner’s policy, or BOP. With a custom designed policy, businesses can ensure that they’re paying the least amount for the ideal coverage.
Dedicating resources to risk management can significantly lower the odds of an accident occurring. Not to mention, it can also reduce your commercial liability insurance premiums because of that lower risk level. You can save even more if you pay your premium annually or biannually, as opposed to monthly.
Looking for more ways to protect you livelihood for less? Call Tabitha E. Walker Insurance Agency at (540) 657-5633 for more information on Fredericksburg business insurance.