If you are a small business owner or just starting out, budgeting funds to pay for a liability insurance policy is essential. Being the quintessential optimists that most Americans are, we like to think that nothing will ever go wrong and if it does, we can fix it. While optimists keep the world moving forward, the realistic ones still buy insurance.
The best-case scenario is when you never need to use an insurance policy. But you should always have insurance to cover the variety of claims that can hit any business at any time. Here are some examples of the most common kinds of claims you can face while running a business.
Burglary and Theft
Surprisingly, burglary and theft account for the majority of claims that businesses file. A broad range of incidents fit into this group of claims, but many of these cases involve an employee or contractor theft. The people you’ve trusted the most can often be the ones who cause you the greatest grief.
Given the extreme weather that’s been happening all over the world over the last decade, not insuring for weather-related damage can be fatal to your business. While you should insure against the catastrophic weather events, even the small events can be a major drain on a business.
Having to pay for a roof damaged by snow, ice or hail on commercial property can cost in the hundreds of thousands of dollars. You may also sustain significant damage to office equipment, materials and inventory. If a roof collapses during working hours, employees could be injured or killed.
Even though fire is one of the most common causes of property damage, few people appreciate how quickly a fire can spread and how destructive it can be. It’s not just the fire itself that causes losses. It’s the damage the smoke causes, the loss of personal property and the unavoidable water and access damage that firefighters cause when trying to put out the blaze.
Injuries to Customers and Visitors
Believe it or not, these accidents account for many liability insurance claims facing businesses. Even if you are safely ensconced in an office building that takes care of the parking lots, sidewalks and common areas, a customer can still slip and fall inside your office.
If you own your own building or have customers meet you at a home office, you are even more likely to have a slip and fall or another kind of claim for injuries at some point.
We Can Help if Your Insurance Company Won’t Pay
While most business owners understand the need for insurance, and do purchase it, the insurance companies may be reluctant to pay a claim right away. If you are having difficulty getting your insurance company to pay your claim, we can help.
We offer a free initial consultation to discuss how to get your insurance company to pay. We accept bad-faith insurance cases on a contingency fee basis. Call us toll-free at 972-450-1418972-450-1418 or contact us to set up an appointment.