Owning and operating a business may be one of the more complicated paths that you can follow as a career. However, it can be extremely rewarding and allow you tremendous personal freedom, which can make the challenges more than worth it. Unfortunately, it can be common for business owners to overlook the importance of having comprehensive protection from a commercial insurance policy. If you have limited experience or a weaker understanding about this type of protection, you might need to have a few commonly asked questions regarding commercial insurance answered.
Will Your Commercial Insurance Policy Protect You Against Accidental Injuries?
It is an unfortunate reality that there is always a chance that a customer will be injured while they are at your business. When these incidents occur, you may be liable for their medical expenses and other financial damages that result from the accident. Fortunately, your general commercial liability policy will provide some protection against these potential liabilities. However, you should be aware that particularly serious injuries may quickly amass medical bills that surpass the basic coverage limit. To ensure that you are as protected as possible against these liabilities, you should add personal injury protection coverage to your plan, as this coverage is specifically designed for the high costs that can accompany medical expenses.
Why Should You Consider Adding Loss-Of-Revenue Coverage?
Natural disasters, building damages, and other problems may force your enterprise to close for an extended period of time. This loss of revenue can be devastating for small businesses, and it can be common for these enterprises to fail to recover following these events. By investing in loss-of-revenue protection, you can help to offset these potentially catastrophic losses. These policies work by providing you with reimbursement for the company's average revenue during the periods it was closed. While these insurance policies may be somewhat expensive, they can prove invaluable when your enterprise is trying to recover from one of these incidents.
Should You Add Chargeback Protection To Your Policy?
Sadly, credit card fraud can be a common issue. A common form of this can be a chargeback. This occurs when a person convinces the credit card company that a purchase they made was done illegitimately. Many business owners may assume that this will automatically result in a loss of money when the charge is reversed. However, chargeback insurance can help to eliminate these hazards by providing you with reimbursement for these transactions. At the end of each month or couple of months, you will submit any chargeback claims to the insurance company, who will confirm the chargebacks before compensating you for these losses.
For more information on commercial insurance, contact an insurance agency like Bennett Agency.
Share10 October 2016
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