There are seen and unforeseen risks when running and managing a Plant City parking lot paving business. A client can file a suit for bodily harm or property damage. A worker can get injured on the site.
Your business can suffer the consequences of not having an insurance policy to protect it. Getting the business adequate insured will protect it from the risks of being sued or its assets being repossessed.
Provides bodily injury coverage
In case the business causes bodily injury to its workers or other people (passersby on the streets, for example), the liability insurance coverage can shoulder the impact of the risk.
Paying hospital bills upfront can milk you dry but with the proper insurance coverage, your business is protected from having to shoulder the bills incurred from the accident.
Provides property damage coverage
At the same time, your operations can cause damage to other people’s properties. If, for example, you are working on a parking lot beside another building, your machine and even your people can cause problems and damages to the property beside the parking lot.
The insurance’s property damage coverage will make sure that you won’t have to spend a dime having that property repaired.
Covers for advertising liability
Imagine this scenario: you designed a marketing material that will drive customers to your business. Unfortunately, because of neglect and misunderstanding, your design caused a copyright infringement issue.
Another company has rights to the logo, the fonts, or the colors you used in the marketing material. Getting sued for copyright infringement will not bode well for your business. A liability insurance will come to the rescue because it covers legal liability against such claims.
Helps minimize financial losses
Accidents, termination of contracts, breaking down of machines… these are all reasons for your business to either lose clients or be forced to close down.
A business insurance will help reduce the financial losses arising from unfortunate events such as the ones mentioned earlier. Though it is always painful to have to close down a section of the business or the whole company, nothing hurts more than losing all your money with it.
Coverage for lawsuits and settlements
No matter how careful you are in running the business, lawsuits can still happen because of some unforeseen circumstances.
Attorney expenses can run to thousands of dollars especially when a lawsuit is filed against your business. A liability insurance will cover the investigation and attorney expenses.