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Liability risks can be a threat to your business, and unfortunately, they are all around you. One bodily injury or property damage claim could turn into a high-priced lawsuit that could put you out of business.
While you can’t eliminate all risks, we’ll explain how to identify and mitigate them in various ways to prevent liability claims. We’ll also give you the inside scoop on various types of liability claims and how to prevent them.
The first step in preventing liability claims is understanding the types of issues a third party could allege as being neglectful, harmful, or wrongful.
The following list describes common commercial liability claims:
Commercial general liability insurance protects against these claims, but business owners shouldn’t rely on insurance alone to protect their businesses.
Business owners must pull out all the stops to prevent liability claims in addition to having the appropriate types of commercial insurance in sufficient amounts. Many of the strategies are easy and inexpensive to implement.
We’ve listed 16 common strategies for preventing liability claims below:
A liability claim means someone got hurt or someone’s property was damaged and a group or individual wants to hold your company liable for a loss. Beyond knowing that your company may be responsible for an injury or property damage, your business could experience one or more of the following issues:
With so much at stake, you must be proactive and vigilant about preventing liability claims.
The first step in protecting your business with insurance is assessing the risks that are inherent in your business.
Choose an insurance agent who is familiar with your business or industry and work with your insurance agent to cover them with the right commercial insurance policies to fit your needs. Your insurance agent will also help you select the appropriate limits and coverages to mitigate risks. A qualified, experienced insurance agent will also assist your business with
Be responsive to your insurance agent at the time of your annual insurance review. Carve out time to meet with your agent at least annually and more often if necessary as your insurance needs may change over the course of the year. Anticipate any upcoming changes in the business that could increase or decrease your business’s risk profile and discuss them with your broker or agent.
To learn more about how to protect your business against liability and other claims, contact one of our insurance specialists at Leap Carpenter Kemps Insurance Agency today at 209-384-0727.
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Leap | Carpenter | Kemps Insurance Agency provides Commercial Business Insurance, Employee Benefits, Life and Health Insurance, and Personal Insurance to all of California, including Merced, Atwater, Los Banos, Mariposa, Madera, Fresno, Modesto, Turlock, and Stockton.
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Merced Office
3187 Collins Drive
Merced, CA 95348
Phone: (209) 384-0727
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Toll Free: (800) 221-0864
Fax: (209) 384-0401