As a business owner, you have plenty of things to think about. Managing payroll, product ordering, and ensuring customer satisfaction are just a few. Choosing the right commercial insurance provider takes worrying about accidents or legal claims off of your mind. Consider these seven situations where commercial liability insurance can save the day.
1. Your Delivery Driver Gets Into an Accident
You send a driver out with a load of products. In the course of their delivery, they hit a garage door, causing thousands of dollars in damage. With the right ISU-ARMAC Insurance policy, you won’t be on the hook for repairs.
2. A Customer Slips and Falls
Picture this: A customer walks into your store, slips on condensation from another customer’s drink, and breaks their arm in the fall. Now you need to call an ambulance to take them to the hospital. Guess who will be paying that bill? Unless you have commercial liability insurance to cover the costs associated with medical care, the answer may very well be you.
3. You Infringe on Another Business’ Copyright
Even if it is unintentional, if your products or advertising are too similar to another brand’s, then your business could face a copyright infringement lawsuit. Your insurance will likely cover legal fees associated with these claims.
4. Client Data Is Stolen
Cybersecurity is a primary concern for many businesses regardless of their size. Unfortunately, many will fall victim to hacking or a security breach that can destroy computer systems and their reputations. Specialized cyber liability insurance is a powerful tool designed to help you recover from such a crime.
5. An Employee Alleges Discrimination
Even if you set out with the best intentions, a potential or current employee may feel discriminated against in the course of their employment. It might be based on their gender, personal identity, or age, but that is not your most pressing concern. You must address the fallout, which could lead to financial ruin in many cases.
6. Your Product Harms Someone
If you manufacture any type of product that ends up in consumers’ hands, someone can get hurt. Whether the design is faulty, the customer used it incorrectly, or quality control missed a defect, you want insurance that will protect your business from injury claims.
7. A Product Is Improperly Labeled
Imagine that you are a vitamin manufacturer. Someone picks up one of your vitamins from their local pharmacy. They haven’t tried it before, but it is the same dosage as their previous one. Unfortunately, you use a different type of capsule which contains an allergen that is not disclosed on the label. Improper labeling can have severe consequences. Luckily, a comprehensive commercial insurance policy will protect you from many of the most serious ones.
Every commercial insurance policy is different, which is why it is always a good idea to discuss your needs and options with a knowledgeable insurance company. Contact ISU Armac today at (760) 241-7900 to find the right policy for your business.