TUESDAY, APRIL 19, 2022
Every business has a social responsibility to provide a safe environment for customers, whether on business property or in the homes of customers. When a third party interacts with your business, he or she should be able to do so without incident. So needless to say, if a customer does get injured or suffer property damage on business property or as a result of your business’ employees, products or actions, the consequences could be extreme.
There are two main types of liability risks that all businesses, big and small, face on a daily basis. They are as follows:
- Property: If a third party experiences property damage that your business can be faulted for, you may be liable to pay for repairs or replacements.
- Injury: If a third party suffers an injury that your business can be faulted for, you may be liable to pay for medical bills, physical therapy and/or pain and suffering.
Many incidents that fall into those categories can be covered by your commercial general liability insurance policy. Every single business can benefit from general liability insurance. Some businesses—like a contracting company—face more liability risks than others—like a quiet office environment. However, accidents can happen anywhere and it’s best to protect your business from what could end up costing thousands (or more!).
But it’s important to remember that liability risks run deeper than what general liability insurance covers. Certain businesses that face more unique liability risks may need additional protection. Here are just a couple examples:
- Product: If a third party is injured by or falls ill because of a product your business sells or manufactures, you may be liable to pay for the damages.
- Malpractice: Also known as errors and omissions, this covers your obligation to third parties to provide clear, accurate information—whether diagnosing a patient or offering financial advice.
Your independent insurance agent can help you determine the liability coverage options that best fit the needs of your business.
Are you covered? Call Jack Lee Fong Insurance Agency at 415-956-3990 for more information on San Francisco business insurance.
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