First Community Financial Group, Inc. Blog |
Everyone has seen a few online videos of someone slipping and falling in a random store (overturning a shelf in the process). We might laugh at the video, but we are forgetting to realize that after the camera stopped rolling, the victim might have sustained a severe injury. The ramifications of these accidents might represent a true threat to any business.
If a customer were to fall in your store, then they could choose to sue the business owner over the accident. This could cause your business significant financial challenges, regardless of whether the fall was an accident. That is why you need general liability insurance to help you respond to such issues. What Are Common Fall Risks in My Business? You cannot constantly blame a person’s fall just on them being clumsy. Usually, something (I.e., a hazard) must create a scenario for the fall to occur in the first place. That is why when someone falls in your business, it might be due to several existing problems, such as:
When you fail to mitigate these risks, they could threaten anyone who enters your premises. Potential victims might range from customers and clients, to vendors, employees, and yourself. It is your customers who you must actively work to protect with the highest level of conscientiousness. Negative Impacts of Fall Injuries Every business owner doubtless is aware that they must take responsibility for negative occurrences in their space. As a result, if someone were to get hurt in your business, such as by slipping and falling in a puddle, then the affected party might place the blame on the business. Slip and fall accidents might result in painful, incapacitating injuries. Plus, they could also cause the victim to face lost income, significant medical bills, and other financial strains. As a result, they might demand that your business compensate them. Covering Slip and Fall Damage If someone were to slip and fall in your business, then you will need to help the injured party. Still, you should not put yourself in a strained financial situation by trying to meet this obligation. At this point, general liability insurance can come in handy. A general liability policy could help businesses compensate others if they made mistakes that harmed these third parties. Therefore, the business will not have to pay critical internal funds just to meet its obligations to others. Take the time to invest in a well-funded business insurance general liability policy. It might prove instrumental in protecting both your business and injured parties. Talk one of our agents today about how to tailor this value more expressly to your needs.
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A certificate of insurance matters a great deal in the business insurance industry. Sometimes referred to as proof of business insurance, this certificate is a snapshot of a company’s current insurance policies. Customers, vendors and landlords commonly request to see a business’ certificate of insurance.
This document helps such parties verify the business has the proper coverage. If an insurance claim arises, the customer will rest easy knowing the proper remedy may be available. Certificate of Insurance HoldersEach certificate of insurance applies to a single holder. The holder is the business or entity requesting the certificate of insurance. A certificate of insurance is not applicable to other businesses. Each unique certificate of insurance solely applies to its individual holder. A Certificate of Insurance is a Snapshot in TimeIt is important to stress that each certificate is a snapshot of current business insurance coverage. These documents are valid for a single day. A business can cancel its insurance coverage at any moment. It is also possible for a business to modify its insurance policy at any point in time. For these reasons the certificates often are only temporary. Obtaining a Certificate of InsuranceBusinesses should periodically request a certificate of insurance. This document helps generate a rapport with prospective clients. It makes the business appear legitimate and trustworthy. An insurance agent can usually generate a business’s certificate of insurance upon request. A nominal fee may apply, but many reports are free. Some prospective customers will specifically ask to see a business’s certificate of insurance. It is advisable to hang this important document in a highly visible area of the business. A Certificate of Insurance is a Must-Have for Every Type of BusinessIf a company can’t prove it has business insurance, it may suffer competitive disadvantage. It does not matter if you own a sporting goods store, a hair salon, a construction company or another type of business. You should periodically update your certificate of insurance as a gesture of good faith. This simple update may inspire customers to do business with your company. It may alleviates concerns regarding potential accidents and other incidents that might arise during the course of business. Obtain your certificate of insurance today. Display it prominently to prove you have business insurance. This important document just might help your company establish a slew of new profitable business relationships. Need a certificate of insurance? Call us at First Community Financial Group today for a policy quote. Whether you drive a company vehicle or your personal one for business, it’s important to have Commercial Auto Insurance. Learn more about what this kind of insurance will cover and how it works. Call our office today for a free consultation or quote -- and click the links below to find out more about what types of insurance are available to your business! Commercial Vehicle Insurance 101 | FAQ | Trusted Choice Commercial Auto Insurance 101 | Travelers Insurance |
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