We know as business owners the list of possible insurance needs appears endless. Are you stumped on which insurance your business needs and which is a waste of money?
Not all business insurance options will apply to every type of business. So how do you know what is right for you? Contact our team at Link-Hellmuth Insurance to sort out all your business insurance needs in Springfield, Ohio.
For starters, let’s look at one of the many options you may see.
Premise Liability Insurance
What is premise liability? This is a legal term that refers to the responsibility of a property owner for injuries that happen on their property as a result of a dangerous condition.
Oftentimes that looks like injuries from:
- Inadequate security that leads to injury or assault.
- Snow and ice outside of a business or in the parking lot.
- Broken sidewalks, flooring, or stairs.
- Escalator and elevator accidents.
- Falling signs or merchandise.
- Hidden extension cords.
- Slip and falls.
- Unkept Property
Premise Liability insurance would cover the cost of a third-party injury or damage claim related to your work.
Do I Need Premise Liability Insurance?
If you rent or own a property for your business then you may need to look into premise liability insurance. Whether you rent or own your business property, premises liability law requires you to maintain a safe environment for visitors and to avoid an unreasonable risk of harm. Failure to do so can create “premises liability” and a potential lawsuit. You’re always at risk of an injured person filing a lawsuit that, even if you’re not at fault, could still result in legal bills and settlement costs.
Premise Liability Insurance Vs. General Liability Insurance
Premises liability insurance protects you in case someone is injured on your property due to inadequate maintenance that you should have known about and corrected.
General liability insurance includes the same protections as premise liability insurance but also includes damages that you or your employees may cause to a customer’s property, as well as advertising injury.
Commercial property insurance is another common policy for those who own or rent a property for their small business. While business property insurance covers your physical assets, it will not provide financial assistance when your business faces a lawsuit.
Business Insurance in Springfield, Ohio
As you can see, there is a variety of insurance coverage that your business can benefit from. If you own or rent a business property, you will want some form of Premise Liability Insurance coverage. Talk with Link-Hellmuth insurance today to see how we can include this coverage in your business insurance policy to keep you protected and save you money.