The Importance of Commercial Insurance

When you start a new business, there many responsibilities that fall on you as a business owner that could have disastrous consequences if you don’t handle them properly. Selling products,  managing payroll, and running your operation is only part of what a business needs to function properly. Another behind-the-scenes responsibility of business owners is getting the proper insurance coverage is to make sure their business is protected in case of the unthinkable.

Commercial insurance is essential for businesses of all sizes in order protected against mishaps. No matter how careful you are, accidents can happen in the blink of an eye, and you could find yourself dealing with nightmare situations if you haven’t opted do you utilize commercial insurance for your business. Seemingly trivial events such as miscommunications oh, poor documentation, an accidental oversights can put your entire livelihood at risk. Here are a few examples to further illustrate why you should talk to your insurance agent about commercial insurance for your business.

Someone signing documents

Accidental Perscription

In this case, an optometrist writes a prescription for a pair of glasses. Despite recommending the correct prescription for the glasses, the wrong lenses accidentally end up in the customer’s spectacles. As a result of having the incorrect prescription in their glasses, the customer ends up sustaining injuries from a fall. Due to these injuries, the customer ends up making a claim in the amount of $20,000 to cover his medical expenses.

The Dog Groomers Slip

During a routine grooming session, a dog groomer accidentally nicked a tendon in a dog’s leg. The result of his injury resulted in the owner taking the dog in for veterinary treatment. The veterinarian determined that treatment was necessary in order to care for the animal properly. This led to the dog owner making a claim of $3,800 charged to the groomer for nothing more than just an accidental slip.

A Freelancers Nightmare

In this case, an advertising company hired a freelancer to provide music for a key client that was to accompany a commercial they were producing. After the commercial was released, another musician claimed that the music used was stolen and violated copyright rules. As a result, the musician ended up suing the advertising agency and the client for the sum of $100,000 in damages due to copyright infringement.

Qualifications Conundrum

A placement agency hired a candidate to fill a human resources position without properly checking their qualifications. Eventually, it was discovered that this candidate did not meet the job’s qualifications and had to be relieved of their duties. Upon the termination of this candidate, the company hired an attorney who collected damages from the placement agency to the tune of $175,000.

All of these scenarios our seemingly random but do have one common thing that ties them together. The businesses did not have a commercial insurance policy that could have protected them from repaying these costly damages. If you own a business and still have questions about if you need commercial insurance, you should make a quick phone call to your insurance agent and discuss possible liabilities that could destroy your business that you’ve worked so hard to build. A quick chat with your agent could potentially save hundreds of thousands of dollars for your business and protect you from the accidental missteps that are bound to happen in life.