FRIDAY, SEPTEMBER 1, 2023
Every business owner does the utmost to avoid a lawsuit, and ethical business practices can help to minimize your chances. Yet some business owners get sued in spite of their best efforts, and lawsuits can wreak havoc on a company's day-to-day operations, as well as its profits.
So what exactly is a business owner to do?
Purchasing commercial insurance—both general liability and professional liability—is the best way to avoid the pitfalls of legal actions. If a suit is brought against your business, your insurance company can either settle with the plaintiff (and pay the costs of the settlement) or take the plaintiff to court. In the latter instance, this insurance protects business owners in four ways.
- The policy can cover the costs arising from the investigation of a claim, along with the attorneys' fees for representing the defendant in the case. \
- Commercial insurance can cover those costs associated with time missed from work due to court appearances.
- Your coverage can provide the monies necessary to cover the cost of any judgments or settlements placed against your business, in the event that your case is lost. This includes interest associated with the monies awarded to the plaintiff, as well as medical expenses, if those should be included in the case.
- Commercial insurance can pay for the premiums associated with any court-ordered bonds in a liability suit.
Businesses today face many complicated circumstances that can eat into their profits and increase their operating expenses. Lawsuits don't have to be one of them. With the right commercial liability insurance, legal costs and fees can be covered in the event that your business faces court action.
Don't let your business get trapped in a no-win situation because you lack the right coverage! Contact us to determine which liability insurance is the best for you and your business.
Get the coverage you need. Call Keats Insurance Agencies for more information on business insurance.
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It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
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