Fortunately, with general liability insurance, you can get the financial assistance you need to help you in cases such as these. Instead of paying for the settlements with business revenues, your insurance company can help you pay for eligible losses.
Another type of business insurance that may pay for itself if you ever need to file a claim is commercial property insurance. With commercial property insurance, you can get help repairing your facilities in the event of a fire and other covered loss.
Workers Compensation Insurance Protects Your Business and Your Employees
Workers compensation (WC) insurance provides protection for on the job injuries that employees sustain; because of that, workers comp is mandatory in most states. This coverage provides peace of mind for you as an employer in the event that an employee is injured. WC provides medical care and benefits that protect both you and your employees. Without it, you’d be expected to pay out of your own pocket for these expenses — which could be a recipe for financial disaster.
Another benefit of WC is employer’s liability protection. This covers lawsuits brought against you by your employees when they are physically injured and you’re being held to be negligent.
Employers Protective Liability Insurance
Employers Protective Liability Insurance (EPLI) provides coverage for most of the other areas where you may be sued by an employee, potential employee or previous employee. These include discrimination, sexual harassment, wrongful termination, etc. If you’re ever involved in one of these, they can be very expensive to defend. These days, the rules of hiring and firing can be so complex that even if you follow them, you could still end up in court.
And remember, regardless whether you actually did anything wrong, the accusation alone could be grounds for a lawsuit.
At every turn, the possibility of legal action threatens your business. The most effective way to minimize your financial risk is by purchasing business insurance. If you don’t have all the business insurance you need to protect your business, call Advance Insurance of Northwest Florida at 850-469-0880 today for a free business insurance consultation. It would be our pleasure to discuss your business and point out the risks it faces that you may not be aware of. Remember, protecting your business is our only business.