As a business owner, protecting your investment is your responsibility. A lot of small business owners worry about theft, fire risks and property damage. image of worker being hurt on a construction site

While these may be common claims, business owners should also worry more about product liability, customer injury and reputational damage. If you’re about to invest in liability insurance, make sure you’re aware of today’s leading business dangers. Then, pick up a liability package able to protect you from the following dangers.

Danger One: Customer Slip and Fall

Slip and fall damages are hefty. They also account for about 10 percent of all business liability claims. Before picking in-depth liability options, make sure you’re protected against slip and fall claims. By investing as little as $20,000, you can defend your business against one of the most common customer-related lawsuit threats.

Danger Two: Product Liability

Next, you should spend roughly $35,000 on product liability coverage. Product liability impacts most goods-related businesses. It can hurt your sales if it becomes an issue. Many insurance experts believe losing sales due to product liability claims is one of the most damaging business expenses around.

Danger Three: Reputational Harm

While reputational harm may impact less than five percent of small businesses, a single claim can be incredibly costly. If a lawsuit arises, a claim’s payout can reach astronomical heights. In fact, most reputational claims cost over $75,000 to settle. According to The Hartford, roughly 35 percent of general liability claims result in lawsuits.

Danger Four: Commercial Vehicle Damage

Once you’ve secured your liability package, buy commercial vehicle coverage. Between parked vehicle damages, parking lot fiascos, vandalism and weather-related damages, your commercial fleet might take a beating. Commercial vehicle damage coverage is often overlooked, but it’s incredibly valuable.

Danger Five: Burglary and Theft

Burglary and theft may not be the costliest events to strike businesses. However, they’re incredibly common. This is where their cost risk comes into play. Burglary and theft claims account for about 20 percent of all claims. They cost, typically roughly $8,000 per incident. Talk about expensive.

Prepare for the unexpected. Even if your company prepares against bad weather, fire and theft, it still needs more help. When browsing general liability insurance plans, pick a plan which protects your reputation, your products and—most importantly—the customer. Remember: You’re a provider. The customer comes first. This said, don’t forget to protect yourself. By carrying protection, you’ll better serve them—providing safe, friendly environments. If you have questions about the right coverage for your business call 708.423.2350 and speak with an insurance professional that specializes in business coverage.

Also read: Minimizing General Liability Claims for Food Poisoning and Safety Items your Manufacturing Business Should Have

Posted 11:00 AM

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