Many variables might harm your company when someone gets hurt on your business property and you must know what to do. When someone Even if you take every possible precaution to prevent any injuries on your commercial property, it is sometimes unavoidable. Your business insurance package should include comprehensive liability and workers’ compensation policies. How you respond when someone suffers an injury on your property can significantly affect how the situation is perceived. The right insurance coverage will ensure that the injured party receives compensation without financial strain on your business.
Knowing What Types of Insurance You Need
Especially for newer business owners, the insurance process can be confusing. Getting the right coverage means talking with a professional and considering your company’s risks. There are many types of business insurance, some specifically designed to address injuries on your property.
Commercial Liability Insurance
Commercial liability insurance covers your business if a customer or third party suffers an injury on your property. In most cases, commercial liability insurance is part of your business property coverage already, but you can add an additional liability umbrella if you’re particularly concerned. If anyone suffers a fall on your property, you have sufficient commercial insurance coverage to compensate them.
Workers’ Compensation Insurance
Sometimes it’s not a customer or third party injured on your property but one of your employees. Workers’ compensation insurance covers employee injuries on your property and will pay your employee a percentage of their usual income while they recover. In most states, businesses must provide workers’ compensation insurance.
Product Liability Insurance
Your business insurance portfolio should include product liability coverage if you sell or produce products. It provides your company with liability protection if someone suffers an ailment due to your products.
Responding To an Injury on Your Property
Suppose there’s an injury on your property. In that case, the most important thing to remember is that you should obtain medical treatment for the injured party first and then document the scene and the incident afterward.
Take as many pictures as possible of the entire area, get contact information for any witnesses, and call your insurance agent immediately. A proactive response can help to ensure a more straightforward resolution to the situation. You may also want to make backup copies of any surveillance footage, so you have a copy for later reference. That surveillance footage may be your most effective documentation.
No matter what type of business insurance package you purchase, liability coverage should be a priority. Your commercial insurance agent can help you assess the risk factors for your company to build a liability protection package that’s right for your company’s needs. Be attentive to your liability needs to protect your company’s financial integrity.
About BTC Insurance
At BTC Insurance Services, we bring a customer-centered approach to our personified insurance and risk management services. We provide Utah and several other states with specialty program insurance options for commercial ventures, as well as provide residential clients with personal lines of insurance, automotive coverage and life insurance options. For more information on how our team can help with your risks, contact us today at (844) 479-0945.
