At Paradiso Insurance, we respect the hard work and dedication that it takes to build a business. We understand that your business is not only your livelihood, but a representation of who you are and what you believe in. Wouldn’t you want to do everything you can to make sure your business is properly protected? By purchasing commercial insurance, you are taking the necessary steps to ensure not only your future but all that you have worked for is protected. Accidents happen—no matter what you do to prevent them—which is why commercial insurance is extremely important for maintaining your business. A simple miscommunication or oversight can lead to a costly situation that can quickly steamroll out of hand. With proper commercial insurance, life’s unexpected events don’t have to be the end of everything you have worked for.
Unsure If You Need It?
Still unsure if you need commercial insurance or if it is really all that important for your business? Here’s a list of examples where professional liability claims have impacted businesses just like yours.
- A customer was wearing glasses that were accidentally filled with the wrong prescription by their optometrist. Due to blurred vision, this customer fell down the stairs and sustained injuries. A claim was made for an amount of $20,000 for treatment of injuries.
- A groomer nicked the tendon of a dog’s leg during shaving. The dog’s owner made a claim to cover the veterinary treatment of their dog’s injuries, costing the grooming business $3,800.
- A freelance musician provided music for an advertising company’s commercial for a major client. However, after the commercial aired, another musician claimed the music was in fact her own and copied without her consent. The agency and its client were sued for $100,000 in a copyright infringement claim.
- A man booked a trip around the world for himself and his wife, repeatedly mentioning that his wife needed handicapped access for the entire trip. However, when they arrived at one of their hotels, they found that it did not offer handicapped access. The agency had to reimburse the couple the $10,000 they spent to find last-minute suitable accommodations.
- A placement agency hired to fill a human resources position failed to recommend a qualified candidate. When the company had to terminate that person for lacking qualifications, they also hired an attorney to collect damages incurred by the situation, costing the placement agency over $175,000.
If your company provides professional services or consulting, it is crucial that you have a commercial insurance policy. At Paradiso Insurance, we can tailor a policy to meet your individual needs, and provide proper coverage should any unintentional damages arise due to the services your business offers. Since we are an independent agency, we have the ability to shop around for the best coverage and price. Whether you own a flower shop, auto garage, dairy farm, landscaping business, construction service or virtually any type of business, we can make sure you are properly covered.
Employee Liability
Does your company have Employment Practices Liability Insurance or an EPLI policy in place? If not, then your company is open to a potential lawsuit from a former or current employee. Unfortunately, many business owners do not have this coverage.
Did you know that your company is potentially at risk even when you host or sponsor any type of business event? From a company picnic to your annual Christmas party, if you plan to host any type of event for your employees on- or off-business premises, incidents can still happen.
Even with a policy of zero tolerance for harassment at your business and a well-established employee handbook, if an employee feels harassed, uncomfortable, or threatened by another employee during a company event, they can file a lawsuit against you and the business for failing to protect them. With an EPLI policy in place, you and your company would be protected.
Liquor Liability
Staying along the lines of business-hosted events, the likelihood of harassment and/or hostility during a company event is often increased when alcohol is present.
If you plan to serve alcohol at your business-hosted event, please be sure to protect your business, and speak with Stephanie Fanelli about adding Host Liquor Liability to your Commercial General Liability Insurance. Anything can happen when alcohol is involved, and you don’t want to be liable for damages caused by intoxicated employees.
Injury Liability
Other common business risks include on- and off-site injuries. If an employee is injured or becomes ill while doing their job, the employer is liable. This is where Workers Compensation Insurance comes in, and Connecticut legally requires businesses with one or more employees to have it.
Owning your own business is a part of the American Dream; just be sure it’s protected with the proper Commercial Insurance policy. Have questions? Give us a call today at 860-684-5270 and speak with one of our licensed insurance agents.
