As a business owner, you know that commercial liability insurance covers you from your own mistakes. Whether the mistake was real or only perceived as a mistake by a customer, liability insurance helps you out when you find yourself in legal hot water. If you’ve struggled to fully grasp just what a liability policy does and does not cover, you’re not alone. Here’s an easy reference that will help you understand the importance of commercial coverage for your business.

What Does Commercial Liability Cover?

Commercial liability covers legal fees, investigatory charges, and potential settlements. It often covers bodily injury or property damage for certain types of accidents, and will even cover copyright violations.

There are plenty of risks in the business world. If an employee sues you for wrongful discrimination, or a competitor accuses you of copying their marketing strategy, you’ll want commercial coverage to help you either settle the claim or fight it in court.

What’s Not Covered with Commercial Liability?

Commercial coverage doesn’t typically include employee injuries, punitive damages, or professional mistakes. Punitive settlements refer to money given to an injured party over and above the face value of their injuries (e.g., settlements given for emotional damages).

Business owners need separate worker’s compensation insurance to cover employee injuries and professional liability to cover professional mistakes. (An example of a professional mistake would be a baker who made two cakes, German Chocolate and Chocolate Peanut Swirl, and then sent the swirl cake to the wrong person, who happened to have a severe peanut allergy.)

How Much Commercial Liability Is Enough?

A single lawsuit could cost you tens- to hundreds of thousands of dollars before it’s ever settled. Liability policies have financial limits that you must remain aware of as your business ebbs and flows.

No matter how hard you work to keep incidents to a minimum, it’s impossible to cut liability risks down to zero. Whether you work on your own or maintain a small business with more than 50 employees, it’s important you seek the counsel of a trusted insurance agent to help you decide how much commercial liability is right for you.

If you have questions about how to better protect your business with liability insurance, call Synergy Insurance to find out more about our policies, or visit us online for to get a Free Commercial Liability Quote. Our experienced agents make it easy to find the limits and coverage you’ll need in the event of a liability claim.

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Everyone knows that running a business comes with a lot of responsibility. You might have employees, a large customer base, equipment, or other assets, which could mean high liability. Even if you just provide a service and don’t require inventory or assets, such as People, Property, and Equipment (PP&E), this doesn’t mean that your business isn’t subject to liability. There are a lot of ways you’re liable.

It can be stressful.

So, let’s lower that stress, and let’s lower your risk. To mitigate operational and legal risks, you have business insurance. But is it worth it? Let’s look at a few options.

• Professional Liability Insurance – Let’s start with a common type of business insurance: professional liability. This is a great option for any business that provides a product or service to customers. This protects you if you are sued because of damages to your customers caused by your service or product. It’s great to have no matter what kind of company you run.
• Commercial Auto Insurance – If your business owns a vehicle – whether for service or sales – then commercial auto insurance is important. In the state of Florida, you have to have it. Commercial auto insurance protects you, your employees, and drivers as well as the vehicles themselves in accidents. If you have one, or you have a fleet, you’ll want this.
• Workers’ Compensation Insurance – If you have employees, you want workers’ compensation insurance. Depending on your business, workers’ compensation insurance may be required in the state of Florida. If your business is in a high-risk trade, such as construction or HVAC, workers’ compensation may be a necessity.
• Commercial Property Insurance – Whether you’re business is ran in a retail store, restaurant, or other commercial space, it is important to protect your work space. This isn’t required in Florida, however it is a wise idea for business owners to fully protect themselves in case of a lawsuit.

If one of your employees is harmed on the job, then they can sue you for lost wages, medical expenses, and even pain and suffering. If you don’t have workers’ compensation, you could be liable.

Why You Need Small Business Insurance

Let’s face it, you’re always thinking about your costs. Sometimes, businesses try to avoid purchasing business insurance so they can avoid paying high premiums as well as keep their costs low. This can end up costing you more overall if there is a lawsuit with an employee or even a customer. These can be so damaging, that your business may be forced to shut its doors.

At the end of the day, small business insurance is a small price to pay to ensure that you’re protected. It’s common sense.

How Synergy Insurance Can Help with Small Business Insurance Quotes

If you want to learn more about small business insurance and how it can help you and your business, contact Synergy Insurance. We help businesses with commercial liability, commercial auto, and commercial property in addition to workers’ compensation. Call us today for business insurance quotes to get the insurance that your business needs to ensure that you stay in business for years to come.

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