With all reward comes risk, and vice versa. Running a business can bring a lot of rewards but it also generates risk and liabilities. If you own a business or you are thinking of starting one, you need to know how to protect yourself and your company from financial threats.
Protect Your Business From Worker’s Comp Claims
One of the most valuable insurance policies for businesses big and small is workers’ compensation insurance. If an employee is injured on the job or becomes ill as a result of their work your business may be liable for compensation claims by them or their family.
The Hartford offers workers’ compensation insurance that will help you cover the legal costs and compensatory costs of a lawsuit. This protects both your business’ finances and your own. Their policies cover medical costs, the cost of lost wages, as well as disability and death benefits.
Get Private Property Damage Coverage
When delivering products to customers accidents can happen. Your employees or your company vehicles can damage the property of your customers or their neighbors when making a delivery or can be involved in an accident en route.
Regular training can help reduce the chances of employees being involved in an accident. You will still need some type of property damage insurance to protect you and your business from the cost of claims. These can be very expensive, and any business will struggle to cover the costs of damage without an insurance policy.
Use Personal Injury Insurance To Protect Your Business
If an employee, customer, or visitor is injured on your property as a result of your own negligence or the actions or inactions of an employee you may be liable for injury claims. If an injury or death is caused by poor maintenance of onsite equipment you can also face lawsuits from the injured party or their family members.
Every general liability insurance policy should have a personal injury component, but make sure by reading the fine print. Medical expenses and personal compensation can be huge costs. Without insurance, your business could face bankruptcy if a claim is successful.
Retain A Lawyer For Your Business
When something goes wrong or a claim comes in against your company it can be stressful, and you may not know how best to handle it. This is why businesses should retain legal counsel. The law is complex and saying or doing the wrong thing while being sued can add to your liabilities and cost.
Having a lawyer on hand can save you stress, time, and money. You can pass on the details to them and concentrate on your business while they sift through the paperwork and come up with a strategy. Retaining counsel can be expensive, but when you need it, you will discover just how valuable it is.
Owning and operating a business can be a huge amount of fun and very rewarding, and not just financially. Follow this advice to protect your business from its liabilities and secure your revenue stream. Without legal counsel and the correct insurance one mistake or accident could force you into bankruptcy and close the doors of your business for good.
