Getting commercial insurance for your business doesn’t have to mean getting covered for every possible thing that could go wrong; besides the coverage mandated by law, you generally have a lot of choice as to what you will or will not be covered for. You might not need commercial property insurance, for instance, if you work from home and already have regular property insurance. And if you work for yourself, you will not need to invest in worker’s compensation insurance. Thus, the one kind of commercial insurance that most businesses actually have a need for is commercial liability insurance.
General coverage will protect your business in the event a customer claims to have sustained injury either at your place of business or due to your product. Personal injury can also include slander and libel.
Basically, commercial liability insurance protects you if something goes wrong between your business and your customers. It doesn’t stop the thing from going wrong, the insurance only helps your business survive in the event of an expensive lawsuit. Depending on the coverage you get, you will be reimbursed for legal fees and and settlement fees involved in such a lawsuit. Legal fees are expensive, and without insurance, you can easily and quickly rack up thousands of dollars in lawyer bills. Sometimes, lawsuits may require that you stop business altogether, at least until the matter is resolved. In these cases, liability insurance can allow you to keep business running and not lose money on both a lawsuit and lost business.
In the case of professionals such as doctors and other health care specialists, including dentists, you may actually need malpractice insurance just to practice in your field of specialty. The high incidence of lawsuits against medical professionals means that this insurance is necessary. Besides covering the legal bills, this type of insurance also allows doctors to continue practice if the infringement is not serious.
Tags: commercial insurance, commercial liability insurance, insurance, liability insurance, malpractice insurance