When you run your own business you have a responsibility to provide proper insurance coverage in case accidents occur on your property or due to your products or services. Here are a few reasons you need commercial liability insurance:

Dealing with Lawsuits

It might be hard to imagine any situation in which a law suit might arise against your company. However many people who experience an accident at the site of a business see it as an opportunity to receive financial compensation. In fact in many cases you might even be truly responsible for their injuries and want to offer them compensation. The best way to be prepared in the case of a law suit is to have accident insurance that will cover these unforeseen and unfortunate costs. Commercial liability or accident insurance will cover many areas including:

• General Liability: For injury to clients visiting your premises

• Product Liability: Which will cover injury or harm that might befall someone using your products if they are defective

• Professional Liability Insurance: If a client finds you have been negligent in performing your services

Your Goods

Consider the many circumstances that could lead to losses resulting from damages to your goods. If you drop a glass in your kitchenware shop it is not such a big loss. However imagine what would happen if an employee were to back into an entire shipment of glasses with their forklift truck. This could make a huge dent in your earnings. Commercial liability insurance will help protect you against unforeseen accidents that could lead to lost inventory.

Property Challenges

The location of your business could also lead to a number of issues that could cost you if you don’t have insurance. Perhaps you neglect to shovel the snow from your shop front and someone slips and falls. Perhaps something in your parking lot causes damage to a client’s car when they are trying to park. Your commercial liability insurance will cover damages such as these.

Commercial liability insurance will protect you from law suits and damages that could greatly impact the success of your business.