In addition to the challenge of ensuring that your business is running smoothly and efficiently, it is also important for you to anticipate the types of liabilities and risks that the enterprise will face from accidents or other unforeseen incidents. Commercial liability policies can be instrumental in managing this risk so that the company is as protected as possible from the financial impacts of these incidents.
Failing To Appreciate The Full Range Of Liabilities To The Business
A mistake that is often made with insuring a business can be overlooking the full range of potential threats that the company will face. This can leave the business severely underinsured in the event that there is an accident or other incident that could lead to legal or financial liability for the business. One step for avoiding these oversights can be to conduct a thorough liability assessment. This can provide information concerning the types of insurance coverage that the firm should carry along with the compensation and coverage limits. This type of assessment can require some time as the entire business will need to be comprehensively assessed, but it can make it possible for your leadership team to make informed choices throughout the insurance buying process.
Not Having Security Cameras Installed In Public Areas Of The Business
While your insurance can protect you against the financial liabilities that an accident can create, there are options for reducing the risks that you face from insurance fraud or misleading claims. One of these options can be the installation of security cameras in the various public areas of the building. These cameras can provide you with footage of accidents that have occurred so you can determine the cause of the incident as well as its authenticity. To be effective, these cameras will need to provide overlapping coverage of the interior so that they can avoid blind spots that individuals may exploit when staging an accident.
Inadequate Incident Documentation Training For Management
In the aftermath of an accident or incident, your management team will need to have a quick response. Otherwise, important evidence may be lost or other complications encountered. Taking the time to thoroughly train your management team on the steps that they should take after these incidents can help to improve the response of your management team to these incidents. Luckily, many commercial liability policies will include detailed instructions on documenting these accidents, avoiding admitting fault, and notifying the insurance of the incident. By covering these steps with your managers and leaving copies of these instructions where they can be reached, you can avoid potentially costly mistakes during this sensitive time for your company.
To learn more about commercial liability insurance, contact an insurance agency in your area.