When you start a new business, there are many responsibilities that fall on you as an entrepreneur that can have catastrophic consequences if you do not handle them properly. Selling products, managing payroll and running your business is just one part of what a business needs to function properly. Another responsibility behind the scenes for entrepreneurs to get the right insurance coverage is to ensure that their business is protected if it is unthinkable.
Commercial insurance is essential for companies of all sizes to be protected against accidents. No matter how careful you are, accidents can happen in an instant, and you may find yourself dealing with nightmare situations if you have not chosen to use commercial insurance for your business. Seemingly trivial events like miscommunication oh, poor documentation, an unintentional monitoring can risk your entire livelihood. Here are some examples to further illustrate why you should talk to your insurance agent about commercial insurance for your business.
In this case, an optician writes a prescription for a pair of glasses. Although I have recommended the right recipe for glasses, incorrect lenses end up in the customer's glasses by mistake. As a result of the incorrect prescription being in the glasses, the customer ends up with injuries from falls. Because of these damages, the customer ends up claiming $ 20,000 to cover their medical expenses.
The Dog Groomers Slip
During routine care, a dog family member accidentally nodded a tendon in a dog's leg. The result of his injury resulted in the owner taking the dog in for veterinary treatment. The veterinarian decided that treatment was necessary to take proper care of the animal. This led to the dog owner claiming $ 3,800 which charged the groomer for nothing more than an accidental slip.
A Freelancer's Nightmare
In this case, an advertising company hired a freelancer to provide music for a key client that would accompany an advertisement they produced. After the commercial was released, another musician claimed that the music used was stolen and violated copyright rules. As a result, the musician terminated the advertising agency and the client for the sum of $ 100,000 in damages due to copyright infringement.
A placement agency hired a candidate to fill a staff resource without properly checking their qualifications. Eventually it was discovered that this candidate did not meet the qualifications of the job and had to be released from his duties. Following the termination of this candidate, the company hired a lawyer who collected damages from the investment agency in the amount of $ 175,000.
All of these scenarios are seemingly random but have one thing in common that binds them together. The companies did not have commercial insurance that could have protected them from reimbursing these expensive damages. If you own a business and still have questions about whether you need commercial insurance, you should make a quick call to your insurance agent and discuss possible debts that could ruin your business that you have worked so hard to build. A quick chat with your agent can potentially save hundreds of thousands of dollars for your business and protect you from unintentional mistakes that will happen in life.