For most people, business insurance is nothing more than a recurring monthly expense that weighs down on their expenses. Very few know that business insurance plans have saved a large number of small entrepreneurs from financial ruin. The society around us is highly litigious and you will not know when and for what an unhappy customer might pull you to face the law. Also, you cannot overlook the issue related to employees and the potential risks they might face at the workplace and the compensation you will need to provide. We can say insurance is a great necessity that can protect your business from collapsing. Irrespective of the industry you belong to, there are four important things about business insurance plans which you might not have known so far.
Liability insurance comes with strings attached
Let us focus on product liability insurance in the first place. Even when you manufacture a seemingly benign product, there are chances that a user is hurt by using your product. In such cases, there are chances that the customers will directly would want to take you to the court.
The main purpose of a liability insurance is to protect you from lawsuits connected to your products. However, know that the cover does not apply to defects due to workmanship or any mishap with the quality. If the problem was due to any such aspects, you will still be liable to compensate the defendant while the policy will do little to reduce your burden. However, when you buy a business insurance Calgary plan, find out the limitations of the plan so that you can purchase additional or special covers that are needed.
You can push back in the event of your claim being rejected
When you have purchased the right kind of coverage for a given situation, it is binding on the part of the insurance company to accept your claim. If the insurance firm denies the payment on a right claim or delays the payment without any valid reasons, you can think of consulting an attorney. It is also necessary that the insurance company makes an adequate investigation before denying your claim. Those insurance companies that are found scamming their customers are known to act in bad faith. Hence it is important that you make a thorough research about the company using the resources you can trust before you purchase an insurance plan.
What you must know about non-owned and hired auto insurance
This is an exclusive kind of insurance plan that will protect your company in a significant way. Non-owned and hired auto insurance will cover any vehicles that your company does not own but has hired for its business. In the event of your employees getting hurt on a mission run on behalf of your company while travelling in a vehicle you have only hired, this kind of insurance plan will provide a coverage. Though the personal insurance of your employees can pay for such risks, this kind of policy can help keep the employee’s personal insurance clean and free of any claims which your employees will surely love.