When you are an employer, or even just self employed, you need to have liability insurance coverage to not only protect yourself and your business from claims of damages or personal injury claims made by the public at large, such as slip and fall injuries, but also to cover those personal injury damages claims made by those who work for you.
Most employers think that their worker’s compensation policy will cover any injury claims made by their employees, such as after an accident at work, and in most cases it will. But what about those devious employees who are just looking for a way to get a big pay out?
They see an opportunity and literally will throw themselves in front of the bus. It happens every day. They even have an injury solicitor or work injury lawyers already set up on their speed dial. Believe it.
If you are an employer and you stop paying the premiums on your commercial liability insurance policy because it costs too much, you can believe that in the very next month something bad is going to happen and you are going to end up with some sort of workplace accident claim that your worker’s comp insurance is going to fight paying for.
What Does Liability Insurance Cover?
So a good and proper liability insurance policy will protect a business from not only the bad things that are bound to happen, but also from all of those tricky and devious folks looking for a quick and easy pay out.
One thing to remember though is that a liability policy is not injury insurance for self employed people. It is only covers those who may get hurt because of you or your equipment.
A business pays month after month for coverage in order to be protected and not have to deal with all of the eventual court proceedings that come along with owning most any kind of business that is dealing with and around the public at large.
Anyone who is in any kind of business needs to think seriously about paying for a liability insurance policy. The costs of a policy are cheap compared to what is covered. This way you will not be surprised by some ridiculous claim made by someone who says that you or your business injured them.
There are of course those legitimate accidents that justifiably deserve someone getting money in personal injury settlements or other pay outs on settlements for bodily injury claims. There are situations that develop such as when someone slips and falls because you forgot to put some ice melting salt out, or when you or an employee rear ends someone while driving and you end up with a whiplash injury claim for compensation.
Accidents do happen after all, and having a paid up liability policy will definitely help you to sleep better at night.
Should Every Business Have A Liability Insurance Policy?
The bottom line is that anyone who owns anything, or does anything that involves the public at large should have at least a basic policy.
Every State has a law that if you own and/or drive a motor vehicle you need to have it. Of course if you are a salesman or independent contractor such as a building contractor, or even a handyman working out of your home you should have some sort of general liability insurance for contractors or the self employed.
Professionals such as counselors, psychiatrists, psychologists, and even accountants need to have coverage as well in case one of their clients get hurt by their advice, or gets injured at their place of business. This type of insurance generally falls within the professional indemnity insurance category.
Those who run an internet business should look into a cyber liability policy, and anyone who owns real estate and rents it out ought to have landlord’s liability insurance.
How Much Does It Cost?
The cost of liability insurance is small compared to how it protects you and your business.
The cost will depend on various factors including such as how many employees you have, the overall size of the business, how many vehicles are being covered, gross revenue, net worth, and so forth.
If you do not have any sort of employers liability insurance coverage you can buy some either from a local insurance agent such as State Farm, Farmer’s Insurance, Tessco Insurance, or any other provider that writes policies for commercial liability insurance .
You can start by contacting insurance companies over the internet for quotes as well as contacting any good public liability insurance broker. Whether you are self employed, run a bigger company with many employees, or fall somewhere in between, a solid commercial insurance policy that includes the proper amount of liability coverage is one of the most important things to own.