subject: Will Commercial Insurance Cover Me If Members Of The Public Get Injured On The Premises? [print this page] Let's put it this way, if you've taken out the correct type of cover, your insurance should cover in any eventuality, rather than only when you're suddenly faced with a lawsuit. In other words, a good policy would cover your business premises, it would cover all your equipment and business assets, it would cover you, and it would cover any employees you may have.
For example, many businesses have suffered serious losses in the UK due to flooding in recent years. For some, the damage to their property was so severe they were forced to close down while repairs were being done. Many also incurred losses not only because of structural damage to the property, but also because of damage to equipment and/or stock being kept on the premises.
Those business owners who had adequate commercial insurance at the time would not only have been compensated for the damage to their business premises, but they would also have been compensated for any other damages. In fact, if they were forced to shut down temporarily, they would have received compensation for loss of earnings as well.Unfortunately for those who did not have insurance, many of them are more than likely living off income support from the government.
Fires can also cost businesses a vast amount of money, and of course fires usually cause a substantial amount of damage even at the best of times. Just imagine if a fire broke out on your business premises at a time when there were several members of the public present. Perhaps you own a guest-house, and in that case, what would you do if one or more of your guests got seriously injured?
If it happened at a time when you didn't have proper commercial insurance in place, the consequences would be unimaginable. At least if you have the correct type of cover you can hand all responsibility over to your insurance company, rather than trying to deal with everything yourself.In fact, this example does a good job of highlighting the importance of liability cover.
Perhaps your company is involved in the manufacturing of chemicals, and here again, an accident can cause extensive damage, not only to your premises, but also to third party premises in the nearby vicinity, particularly if the accident results in an explosion, or even a chemical spill. You would immediately need to get disaster response teams involved, and in all likelihood, you'd be forced to close your business, at least until a full investigation has been done.
This sort of delay can of course cost you tens of thousands, and that even before you start including other losses resulting from damage to your property and anyone else's property. Then comes all the legal expenses, and quite possibly, several liability claims as well.
The implications of skimping on commercial insurance are far reaching, and any responsible business owner should be willing to go to great lengths in order
to make sure their business is fully cover against every conceivable possibility.
by: Tom Jones
welcome to Insurances.net (https://www.insurances.net)
