THURSDAY, JUNE 6, 2019
The general liability insurance policy you have for your company provides financial protection for many risks. Among them is the risk of customers or other people falling on your property. When this happens, you may be responsible for paying for the losses an individual suffers. To avoid this, it is best to have a comprehensive liability policy in place. However, its important to know how to prevent fall risks. Here’s some insight to get you started.
First, Understand Your Coverage
In nearly all situations, general liability insurance provides coverage for instances in which a person falls on your property, and you are responsible for their injury.
There are many restrictions on this, however. For example, it covers only those who do not work for you who suffer a fall that you might have otherwise been able to prevent. As a result of this, it becomes critical for you to know how to prevent these types of occurrences. They can help you avoid a lot of legal risks.
Preventing Risk Factors at Your Business
It is not possible to avoid all types of risks associated with falls. In many situations, falls are going to happen because accidents occur. However, these tips may prevent many of those risks from occurring.
Look at previous claims for general liability insurance. What caused slips or falls previously? Be sure to fix these concerns to eliminate the risk that someone will suffer an injury.
- Remove clutter. One of the most common causes of injuries like this is clutter. Be sure there is nothing impeding the movement of a person through the location. Signs, items on the floor, spills or even equipment in the way can cause a fall.
- Improve lighting. If the lighting in an area is low, this can create an increased risk of a fall on your property. Improve both interior and exterior lighting especially in high-risk areas.
- Avoid providing step stools or other types of equipment that encourage people to climb. Never leave stocking systems out. Avoid allowing any room along shelving in which people can step up onto it.
- Keep floors dry. Though this can be difficult, it is critical to do what you can to prevent wet floors. And, be sure to use a wet floor sign. Having the sign present limits your liability.
- Keep steps easy to use. Avoid placing anything on steps. Do not place carpeting on steps either. Be sure that there are handrails in place. Always fix broken steps.
Have more questions about general liability insurance? Contact Insurance Planning Service today to get your questions answered.
Also Read: Five Losses Covered by Commercial Umbrella Insurance
THURSDAY, JANUARY 10, 2019
If you run a furniture store, you’ll often offer repair services. You might even refinish certain pieces. This might mean working with everything from delicate antiques to malfunctioning contemporary pieces. Clients expect you to make repairs professionally. If you accidentally damage an item, you might place the client (and yourself) in a bind. Why do these risks occur? How can you avoid them?
Property Damage Risks in Furniture Businesses
Repairing furniture means you’ll take a client's belongings into your care. You might repair them in your store, or in the client’s home. The client will expect you to do your job professionally. So, if an accident happens, they might want compensation for their losses.
Think about some of the ways you might damage your clients’ belongings:
- You spill a solvent on an upholstered chair, staining and burning it.
- A fire breaks out in your business, and in the process damages client belongings.
- An antique piece falls off a work bench, splintering beyond repair.
- While visiting a client’s home to pick up an item, you accidentally damage an item. For example, you break a window when trying to move a piece out of the home.
If any of these damages occur, you might have a duty to replace the item, repay the client or both. You might even face legal action by the client.
Any such loss might create particularly high cost burdens. You might even put your business’s finances or assets on the line trying to reach a settlement. Thus, you might want to use your commercial insurance to help ease some of this burden.
If you have property damage liability insurance, you can often file a claim for damage to a client’s possessions. This protection exists to cover damage you cause to others’ belongings. So, since you will handle a lot of client belongings in your business, make sure you have this coverage. Most policies will have financial limits. Therefore, make sure you have enough to cover the value of most items in your care. This will likely amount to several hundred-thousand dollars.
Create a Safety Process
You’ll naturally not want to have to file a property damage liability claim. Create a plan to protect client belongings, and you can often reduce such chances.
Your safety practices will likely vary. However, careful handling should remain front and center. Only follow tried-and-true practices when repairing furniture. Never place these items in harm’s way and make ample use of anchors and shields to keep them safe. With attention to detail, you’ll likely create a better degree of safety for items in your care.
Also Read: Prevent Business Insurance Claims with These Risk Reduction Tips
FRIDAY, JUNE 7, 2013
It's important for every business owner to have Michigan general liability insurance for their company. This ensures that they will have protection if someone is injured or suffers property damage due to an accident related to the premises or certain operations of their company. It is imperative, however, for a business owner to recognize how much general liability insurance they should have. Without knowing this, they run the risk of paying too much or not being properly covered if an accident does occur. Either of these instances can be detrimental to a business of any size.
It may seem strange to consider, but where a company is located should play a big part in how much coverage a business owner decides to get. While it would seem as if a broken leg, or any other injury, would receive the same amount of compensation anywhere, this is simply not the case. There are some states, and even localities, that end up rewarding far more substantial damages to those injured by a company's perceived negligence. This includes not only compensatory damages, but punitive damages as well.
Amount of Risk
Maybe the most important thing a business owner needs to consider when deciding their coverage needs is just how much risk their company actually presents. This isn't to say that a specific company is dangerous, but there's no doubt that some industries present more of a perceived risk than others. If an accident at a company is likely to cause serious injury or death to a person, it's extremely beneficial for that company to get more coverage than a company that only presents minor risks.
Consider other Policies
There are several types of insurance policies that every company should have. Considering other policies, however, doesn't mean that general liability insurance shouldn't be purchased. What a business owner can do, however, is consider simply purchasing a "business owner policy" (BOP). This policy will actually combine all of a business owner's necessary coverages into a more simple policy. This will allow a business owner to really assess their risk and coverage needs when speaking with their insurance company. Additionally, it's very likely to save them money as well.
There's no doubt that every business will need different amounts of general liability coverage to keep themselves and their business safe. A construction company, for instance, will usually require far more coverage than a company that simply sells bracelets over the Internet. Recognizing potential risk is the most important step in ensuring proper coverage. Once this is handled, a business owner can usually rest comfortably.
If you need more information on what amount of coverage is enough to protect your business, give Insurance Planning Service a call today at 734-421-9900.
FRIDAY, JANUARY 11, 2013
Whether your small business is a retail store, an office, contractor or one that provides services other services, insurance plays a key roll in providing the protections needed in the event a loss occurs. Every business is different and each one has different insurance needs. Here are a few of the most common types of coverage that most all businesses should consider.1. General Liability Insurance:
Every business, even if home-based, needs to have liability insurance
. The policy provides both defense and damages if you, your employees or your products or services cause or are alleged to have caused Bodily Injury or Property Damage to a third party.
2. Property Insurance: If you own your building or have business personal property, including office equipment, computers, inventory or tools you should consider purchasing a policy that will protect you if you have a fire, vandalism, theft, smoke damage etc. You may also want to consider business interruption/loss of earning insurance as part of the policy to protect your earnings if the business is unable to operate.
3. Business owner’s policy (BOP): A business owner policy packages all required coverage a business owner would need. Often, BOPs will include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance . Based on your company’s specific needs, you can alter what is included in a BOP. Typically, a business owner will save money by choosing a BOP because the bundle of services often costs less than the total cost of all the individual coverage’s.
4. Commercial Auto Insurance: Commercial auto insurance protects a company’s vehicles. You can protect vehicles that carry employees, products or equipment. With commercial auto insurance you can insure your work cars, SUVs, vans and trucks from damage and collisions. If you do not have company vehicles, but employees drive their own cars on company business you should have non-owned auto liability to protect the company in case the employee does not have insurance or has inadequate coverage. Many times the non-owned can be added to the BOP policy.
5. Worker’s Compensation: Worker’s compensation provides insurance to employees who are injured on the job. This type of insurance provides wage replacement and medical benefits to those who are injured while working. In exchange for these benefits, the employee gives up his rights to sue his employer for the incident. As a business owner, it is very important to have worker’s compensation insurance because it protects yourself and your company from legal complications. State laws will vary, but all require you to have workers compensation if you have W2 employees. Penalties for non-compliance can be very stiff.
6. Professional Liability Insurance: this type of insurance is also known as Errors and Omissions Insurance. The policy provides defense and damages for failure to or improperly rendering professional services. Your general liability policy does not provide this protection, so it is important to understand the difference. Professional liability insurance is applicable for any professional firm including lawyers, accountants, consultants, notaries, real estate agents, insurance agents, hair salons and technology providers to name a few..
7. Directors and Officers Insurance: this type of insurance protects the directors and officers of a company against their actions that affect the profitability or operations of the company. If a director or officer of your company, as a direct result of their actions on the job, finds him or herself in a legal situation, this type of insurance can cover costs or damages lost as a result of a lawsuit.
8. Data Breach: If the business stores sensitive or non-public information about employees or clients on their computers, servers or in paper files they are responsible for protecting that information. If a breach occurs either electronically or from a paper file a Data Breach policy will provide protection against the loss.
9. Homeowner’s Insurance: Homeowner’s insurance is one of the most important kinds of insurance you need. This type of insurance can protect against damage to the home and against damage to items inside the home. Additionally, this type of insurance may protect you from accidents that happen at home or may have occurred due to actions of your own.
10. Renter’s Insurance: Renter’s insurance is a sub-set of homeowner’s insurance which applies only to those whose who rent their home. The coverage is protects against damage to the physical property, contents of the property, and personal injury within the home.
11. Life Insurance: Life insurance. protects an individual against death. If you have life insurance, the insurer pays a certain amount of money to a beneficiary upon your death. You pay a premium in exchange for the payment of benefits to the beneficiary. This type of insurance is very important because it allows for peace of mind. Having life insurance allows you to know that your loved ones will not be burdened financially upon your death.
12. Personal Automobile Insurance: Another very important type of insurance is auto insurance. Automobile insurance covers all road vehicles (trucks, cars, motorcycles, etc.). Auto insurance has a dual function, protecting against both physical damage and bodily injury resulting from a crash, and also any liability that might rise from the collision.
13. Personal Umbrella Insurance: You may want some additional coverage, on top of insurance policies you already have. This is where personal umbrella insurance comes into play. This type of insurance is an extension to an already existing insurance policy and covers beyond the regular policy. This insurance can cover different kinds of claims, including homeowner’s or auto insurance. Generally, it is sold in increments of $1 million and is used only when liability on other policies has been exhausted.
The professionals at INSURANCE PLANNING SERVICE are able to assist you with any of these forms of insurance. Call us at 1-800-220-5582 or contact us online today!