Not paying attention to details, or trying to save money can lead to some real pitfalls in not having the insurance coverage that is needed. Below are six of the more common areas that financially hurt a business without the right insurance coverage.
Unexpected Damage and Loss from Uncovered Natural Disaster
Severe storm damage, earthquakes, and flooding might be extreme circumstances, but they happen and can leave a company in ruins when not adequately covered by an insurance policy. You need to sit down with an agent and explore what some of the real risks are when it comes to natural disasters. Find out what is covered in each type of policy and the best additions to get to make sure you are covered under most circumstances.
Major Equipment or Building Failure
Experiencing unplanned stops, or gaps in work can limit your financial resources. The failure of equipment and buildings can shut you down completely for a period of time. You will greatly benefit from having a policy that covers business interruptions. It will provide you the cash flow needed to stay afloat until repairs are made.
Serious Injury to an Employee or Customer
Accidental injury can happen to anyone that visits your business. One major lawsuit can close the doors of a smaller company. Make sure you have coverage that will help pay any legal fees and damage awards.
Serious injury or death that results from a product or service your company provides can also lead to a serious lawsuit. There are insurance policies that can protect your company from legal actions taken against defective products.
Vehicle Accidents with Uninsured and Under-Insured Motorists
The need to use commercial vehicles to offer services or transport merchandise can leave you open to accidents on the road. basic liability is a must to have to operate legally on the road, but collisions and comprehensive will guard your equipment against loss. You should also take the additional step of protecting your vehicle and merchandise from motorists that do not carry adequate amounts of insurance to cover the loss.
Any Policy Lapses
Make sure all insurance policies are paid timely and have not lapsed. It can be financially devastating to find that you need the coverage and the policy has expired or lapsed days ago.
Contact an expert commercial insurance company in Florida like Fearnow Insurance and get quotes for the products you need right away!