What type of coverage do you need?

As a business owner, having proper general liability insurance is critical. It helps ensure your business remains protected from a variety of risks. One key risk occurs when you maintain your customer or client’s equipment or other possessions. In this case, having enoughimage of man with tools liability insurance is important. How much you maintain depends on a variety of factors.

Why You Need More Coverage

Let’s say you are a mechanic. You store numerous vehicles on your lot for your customers. To make repairs, those vehicles sit in garages or on lifts. Mistakes can happen at any time. If your customer’s property has any damage to it, you could be responsible for it.

Or, perhaps your business repairs equipment for other companies. If you take possession of that equipment, even for a small amount of time, you may be responsible for its well-being. If an accident happens, and the owner’s property suffers damage, you could be responsible for the repairs or replacements.

In both of these situations, the correct liability insurance is paramount. You’ll usually need at least a property damage liability policy in these cases.

What to Do to Protect Your Company

Property damage incidents can occur to any business. Any time you take possession of your customer’s belongings, you should take a careful look at your liability insurance. Does it include property damage coverage? Be sure it is enough to cover these assets from risks. Here are a few examples.

  • Employees may cause damage to the property. You may be responsible for repairs.
  • Damage can occur to the property due to weather events, which might still be your responsibility to repair.
  • Another customer may cause damage to the property.
  • Someone may steal the customer’s property.

There are many ways that damage can occur. It is up to you to have enough liability insurance in place to minimize those risks from costing you. General liability insurance can cover many of these damages. You can file a claim with the insurer who will handle the entire process for you. This includes working with the customer to ensure they have the financial recourses owed.

Keep in mind, though that you should work with your business insurance agent to establish the right policy. Be sure you carry enough liability insurance. It should be enough to cover the valuables and other property you maintain for your clients. Also, remember that you might need additional specialty liability coverage, based on the services you provide.

Consider the value of the property on your location now. Do you have enough liability insurance in place to protect you from claims related to damage to it? If not, give us a call at 800.475.0001.

Also Read: Your Professional Liability Insurance May Not Cover These Five Things

 

Share |


No Comments


Post a Comment
Name
Required
E-Mail
Required (Not Displayed)
Comment
Required


All comments are moderated and stripped of HTML.
Submission Validation
Required
CAPTCHA
Change the CAPTCHA codeSpeak the CAPTCHA code
 
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2019
  • 2018


View Mobile Version

Multiple Policies,  All in One Place

Most people have several different types of insurance to protect all of their important possessions. Still, we know it can be a hassle trying to settle on the right coverage. You need very specific protection, after all. Our goal is to help all of our clients cover their unique insurance requirements. We proudly offer:

Our latest blogs

  • travelers insurance logo
  • allstate insurance logo
  • safeco insurance logo
  • the hartford insurance logo
  • mercury insurance logo
  • progressive insurance logo
  • blue cross blue shield logo
  • CNA logo
  • CompuSource Insurance logo
  • Prosight logo
  • ameritrust logo
  • Bitco logo
  • Liberty Mutual logo
  • NAICO logo
  • HIIG logo
© Copyright. All rights reserved. Powered by Insurance Website Builder