In an ever-litigious world, insurance can mean the difference between surviving or falling in a crisis. If you are a business owner in Paoli, IN, it’s important to understand what liability means for your company. After you read this guide, we hope you’ll allow Busick Insurance Agency LLC help you find the right protection for your business, and yourself.
What is commercial liability?
Regarding business, liability is any cost that occurs because of an accident on your commercial property or damages caused to another person or property by yourself or your employees. These events can be damaging to your assets, especially if a liability claim is taken through a lengthy court case. Some examples of situations where a business can be sued and held liable for damage include:
- Bodily Injury and Medical Expenses – Caused by worksite hazards or other unforeseen accidents suffered by a customer or employee.
- Property Damage – Caused during the operation of your business on another person’s property.
- Libel or Slander – Usually caused through use of social media or other public forums where someone disparages your company unlawfully.
What does commercial liability insurance do?
A general liability policy can help offset the cost of legal actions taken against your business for the above examples. It can also help cover your legal defense costs, judgments, or settlement bonds issued in a legal proceeding. In libel or slander cases, insurance can be used to help pay for the cost of bringing another person to court over false negative claims against your business, on social media or elsewhere.
When someone chooses to sue your business for damages, the costs can quickly pile up. In short, commercial liability insurance can keep your company from going bankrupt due to costly, unforeseen damages. Busick Insurance Agency LLC encourages all business owners in Paoli, IN to contact us today to discuss all your commercial insurance needs!