subject: Business Insurance Coverage Is Crucial Against Lawsuits And Damages [print this page] Business owners' wealth is linked to their successful businesses, but they still have much to worry about in today's economy, including high taxes, litigation, and proper business insurance coverage. During this recession, business owners need to ensure full protection from any loss that could occur.
Donovan Nowell, senior vice president of Willis Insurance Brokerage, reported, "At the end of the day, the head of a private company is the deep pocket. If they dont purchase enough insurance to cover a claim, the complainant is going to come after that persons personal property."
In Cincinnati, four workers were injured at a casino construction site when the structural beams collapsed with a 60-by-60 foot section of floor, and the men fell 25 feet. The casino owner filed a lawsuit against the construction builders, claiming negligence with safety.
Federal safety inspectors cited all four companies for safety violations, totaling an estimated $37,000 worth of fines. As a business owner, it is crucial for the safety of the business and employees to have proper coverage to fully protect all assets; otherwise being sued could bring a business crumbling to the ground.
Lawsuits can appear as wrongful dismissal, unpaid bills, negligence, and bad advice. Business insurance coverage will cover any potential risks but can be extremely expensive with hidden exclusions, and if business owners are not careful, they can lose more than what they can afford.
"We are seeing a continuing trend of price-level increases in the commercial insurance marketplace," stated Thomas Hettinger, practice leader for the Americas at Towers Hettinger.
Many employers do not realize that business liability coverage will not fully cover all their assets, but they can purchase a supplemental insurance to protect against lawsuits and damages, including property damage due to theft, fire, or vandalism as well as claims regarding bodily injury or negligence.
Business owners can customize their policies to meet their businesses' needs and on-site incidents. Risks that arise from owning a business can be very unpredictable, but having the right liability business insurance can prepare owners for disasters.
National Quotes recommends business owners to compare business insurance quotes from different insurance providers, and employers should always thoroughly review the policy for proper business insurance coverage.
by: Frank Williams
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