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Planning your business’ budget is a task that requires a lot of careful consideration. Once that budget is set, an unplanned expense may be enough to rock the financial stability of the business. It’s hard to determine when those expenses might come along, because businesses can be held liable for so many different scenarios. Let’s take a look at a few. 
Small business worker behind bar
Trip and Fall Incident 

Your business operates out of an office suite and requires frequent deliveries. One day, a courier enters the building as usual, but on the way inside, he trips on the drawer to a filing cabinet that was left open. The resulting fall leaves him with a broken foot, an injury that will keep him from work for a few weeks. Because it’s up to you to maintain a safe environment, the business will likely be responsible for his medical bills and lost wages during recovery. These types of injuries are common in office environments, but your commercial liability insurance can provide protection against the associated expenses. 

Property Damage Incident 

You’re in the process of opening a hair salon and you’ve hired a photographer to take some pictures around the studio for your website. As he snaps photos, your employees are still moving in equipment. As an employee walks in with a hair dryer, she trips over a lighting cord and accidently knocks over some of the photographer’s equipment, damaging it beyond repair. Your business will likely be responsible for the cost of replacements, as well as any lost income he may face in the time it takes to replace the equipment. This is another instance where commercial liability insurance can offset these costs. 

Faulty Product Incident 

Your business begins stocking a new children’s toy, but it doesn’t take long for parents to begin claiming that their kids are getting hurt playing with the toy. You quickly release a recall to prevent any further injuries, but you’re already on the hook for the injuries sustained. Your business will likely be responsible for associated medical bills, along with possible legal fees and settlements. In this instance, product liability insurance is the policy that can assist with expenses. 

Are you covered? Call Diamond Insurance Group for more information on business insurance. 
Posted 5:09 PM

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