Commercial Insurance
You work hard in order to provide the best products and services to your customers and clients. Regardless of what your business is, there is always risk involved and this is where business insurance or commercial insurance is an essential part of your risk management plan.
Understand Your Risks
Minimizing risk is very important for any business. Finding out the risks that your business faces and insuring against all these risks is very important no matter what size your business is. There is no way to predict when such unforeseen events may happen, therefore, it is necessary that you are adequately covered. The right form of liability insurance is needed for your business and in order to find out the right information, you need to seek the advice of a seasoned professional broker.
A professional at St. Andrews Insurance Brokers will assess your individual needs as a business owner and give you all the information you need before you purchase coverage. They will also advise you on the best business insurance plan to settle on and make sure you only pay for what you need. Also, if there are any discounts you are eligible for, we will make sure they’re applied. This way, you will only be paying reasonable premiums and getting the coverage needed for your specific business.
Liability Insurance
As a general rule of thumb, every business must have a general liability coverage. You will be held responsible if someone gets hurt on your business premises, or if you or an employee behaves in an irresponsible manner, and if you are a guarantor for a loan and your business is not a separate entity. With business insurance, you are protected from all kinds of liability that may arise from negligence causing harm to others. You are covered in case of injuries to customers or damage to public property. In case your business is responsible for selling goods that have been assembled or manufactured elsewhere or on your premises, you will be held liable if someone gets injured by a defective good. This can happen as a result of the customer handling the good in the wrong manner or by accident, however, in either case, you will still be held responsible for the injuries caused.
Professional liability insurance on the other hand, comes in handy when your business provides professional services to customers. For instance, lawyers, doctors, architects, realtors and computer consultants need to have this coverage as part of their business insurance policy.
This will ensure that they are covered in case the services they offer cause harm to their clients in any way.
This way, you are assured of business continuity and a steady flow of revenue.
In case of conflicts that arise in business, most people nowadays prefer to resort to the legal system. This is quite expensive for any business and obtaining proper insurance will cover the legal fees involved with such suits. While the insurance company takes care of the legal costs, you can focus on your business.
