Archbold, OH -- (ReleaseWire) -- 09/30/2019 --Beck Insurance, serving the communities of Bryan OH, Defiance OH, Maumee, Montpelier OH, Perrysburg and Toledo is highlighting the need for companies to review their liability insurance. While many businesses have liability insurance, the rise in liability costs may prompt some businesses to review their coverage. Most of the liability cost increases are a result of court and legal fees.
Some of the items companies should review include their coverage limits. Liability claims may only make up around 30% of all claims (theft and weather-related claims are the biggest), but they are the costliest. Costs related to liability claims include reputational harm ($50,000); product liability ($35,000); customer injury or damage ($30,000); customer slip and fall ($20,000); struck by object ($10,000). Any of these could be detrimental to a small business owner already running a tight company dependent on steady cash flow to meet payables. This does not include the costs of business interruption or reputation damage. Most business owners coming out of a liability insurance claim talk as much about the emotional toll as well as the economic toll. The love and the drive for their business may significantly fall during liability litigation.
Luckily for business owners, general liability insurance covers many of the things that go wrong. While generally being part of a business insurance policy, this section covers lawsuits from third parties, which is anyone outside the company. Companies will need to have additional policies to cover worker's compensation (state required) and vehicles. But here are some of the specifics liability insurance does cover – lawyer's fees, court expensed, damages and settlements.
The good thing about liability insurance is the amount of possibility incidents it can cover. Almost anything a third party could take action against can be included in a liability insurance policy. This can consist of:
- Property damage
- Reputation damage
- Copyright infringement
- Slip and fall
- Bodily injuries
- False advertising
Any of these can happen to any company. A brick-and-mortar might face bodily injury liability. Renovation work at customers' houses could initiate a need for property damage liability coverage. Any company can be subject to any kind of liability making general liability insurance an important part of overall business insurance. However, companies must work with an experienced agency that can help create the policy that fits their needs according to scope and industry.
About Beck Insurance
Beck Insurance has helped businesses throughout Northwest Ohio, Michigan, and Indiana, including the communities of for Bryan OH, Defiance OH, Montpelier OH, Perrysburg and Toledo with liability insurance needs for over 70 years.
For more information, please visit: www.beckinsurance.com/