Which Businesses Need General Liability Insurance?

When you own or manage a business, there are many important decisions that need to be made. One very important decision is to pick the right type of insurance coverage. Businesses need to spend time considering their liability needs to determine whether or not they should have liability insurance coverage. There are several situations in which Sandy, UT area businesses should have a quality liability insurance policy in place.

Sell Products to Public

One of the main situations in which a company should have liability insurance in place is if they have a line of products that they sell to the public. Every time a customer uses one of your products, there is a chance that they could become sick or injured from the use of consumption. Because of this, you need to have a liability insurance policy in place to protect yourself in the event somebody gets injured and decides to sue you and your business.

Required by Lender

To help fuel their growth and provide working capital, many businesses today end up having a bank loan in place.  in many situations, the lender will require that you have a full liability insurance policy in place as long as the loan is outstanding. If you do not have liability coverage in place, it could lead to a default under your loan agreement.

Making sure that your business has the necessary liability insurance policies in place is very important. For those that are business owners in the Sandy, UT area and need help choosing the right policy, meeting with the Smart Way Insurance Agency would be beneficial. Smart Way Insurance Agency can help all types of businesses determine their liability insurance needs to make sure they get into the right policy.

The Most Common Business Insurance Claims, and How to Avoid Them

The business world is packed with pitfalls. Today’s small business owners can’t keep costs down by increasing sales alone. It’s important to protect yourself against business insurance claims. A single claim, if you’re underinsured, can wipe your business out.

Smart Way Insurance Agency wants to help. We believe everyone deserves to know about the most common commercial insurance claims. Before you buy a policy, read about them below.

Burglary and Theft

Business theft accounts for the largest small business liability and property claims. These claims are numerous, accounting for roughly one fourth of filed business claims. To reduce these claims, install high-grade security systems. Make sure your doors are locked, and implement good security practices to prevent criminal entry.

Slip and Fall Injuries

A lot of businesses in Sandy, UT deal with slip and fall claims. If a customer is hurt at your business, their lawyer could hold you liable for any injuries. Then, damages will be awarded to the customer. If your business has a lot of foot traffic, it has a particularly high risk of slip and fall cases.

Vehicle Accidents

Even if you don’t run a delivery business, your business still relies on automobiles to transport people and products. You should be aware of the risks involved in operating a vehicle fleet. If an employee operating a company vehicle is harmed—or if they cause harm to another—your business will be held liable.

If you have any questions, contact Smart Way Insurance Agency today. We love our Sandy, UT residents, and we want to make sure we’re giving them outstanding coverage. Before growing your business, make sure it’s protected from the ground up. Ask one of our agents about coverage options, and keep your employees and customers protected for years to come.