Weather has always had an impact on businesses. Tornadoes, floods, hurricanes, lightning strikes and other natural disasters can do major damage to a business whether it’s to the property itself or the company’s reputation if business is interrupted for any period of time.
The Commercial Line
Traveling employees traditionally used taxis or rental cars to get from place to place. To pay, they used their corporate credit cards or they turned in a stack of receipts for reimbursement. But what if you could reduce the expense report hassle, saving time and expenses?
No one thinks it will happen to their business. Flood, fire, earthquakes, loss of data, violence in the workplace – those things impact other business owners, not you.
But failing to plan for a disaster can be a critical mistake – one that could put you out of business.
Electronic equipment is critical to the function of every business, but at some point, all those cell phones, computers, keyboards and other items will begin to fail or become obsolete.
While landlords know they are liable for losses associated with weather, fire and slip-and-fall injuries on their commercial and residential properties, they may not be aware of their liability for other incidents.
Violence ranks among the top four causes of death in the workplace during the past two decades. Each year, nearly 2 million American workers report being the victim of workplace violence, according to the U.S. Bureau of Labor Statistics. By identifying risk factors and taking the proper precautions, employers have an opportunity to reduce the dangers of workplace assaults.
Our society has become increasingly litigious and people commonly file lawsuits to redress wrongs. In litigation, the plaintiff will try to recover compensatory damages to compensate the plaintiff for his or her damages and nothing more. Compensatory damages would include amounts awarded for medical billings, lost wages, pain and suffering, and any short or long term residual physical effects.
Hot weather brings high temperatures, which can turn an enclosed vehicle into a scorching oven in minutes. Combining hot summer sun and carelessness can have devastating consequences, particularly for your company’s products – and its people.
Simply put, commercial umbrella insurance provides an added layer of protection against catastrophic losses by providing higher limits. And in some cases, it also helps fill in coverage gaps. Umbrella liability coverage is written over the following primary liability policies.
A combination of risk management techniques, including risk control and risk transfer, can help protect your business from financial ruin resulting from a spoilage loss.