Legs can be insured. Butts are being insured. Your tiny little finger can be insured. What else do insurance companies did not make their policies available for? Are you even surprised that you have to pay for a separate insurance policy for your Plant City parking lot paving or even your house’s driveway? Yes, this will ensure that you are protected from accidents and any damages that may be caused by natural calamities and structural defects.
While many business owners simply depend on the insurance policies of the contractors, thinking these policies are enough to cover the pavements constructed on their properties, some smarter and wiser business owners prefer to take a separate insurance policy for their pavements. Is this a waste of money? Should you do it as well?
It all depends on how much you have in your pockets right now. Your business pockets, we meant. Can your company afford it? Premiums for pavement insurances are not as high as the ones for your office building, for example, but they will still significantly affect your company’s monthly budget. Many insurance companies will offer a layaway scheme for your annual dues, so you should talk to your trusted agent and fix the system that will work for you.
An insurance policy can be for as low as $500 to more than $1,000 annually, depending on the coverage and the type of insurance you need. Third-party liability insurances, for example, will add to the cost of your general insurance policy coverage, but this is important because it is your protection from accidents that may occur on your parking lot and affect your business’ customers.
For example, you neglect to put a warning around a section of your parking lot wherein the pavement has collapsed. When a car passed by it rather quickly, it caused the driver to bump his head on the steering wheel because of the impact.
The driver is suing your business for neglect. Without an insurance policy, this will cost your business a lot of money to settle. You would have to hire a lawyer and settle the case.
An insurance policy will protect you from this kind of liability by ensuring that the third party is well-compensated and that all of his medicine and hospital bills are settled. When an accident like this occurs, the only thing you have to do is contact your agent and the insurance will process everything for you.