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Protecting Against the Unexpected with Commercial Liability Coverage

Modern-day businesses face an ever-growing list of obstacles, risks with the potential for costly — and lasting — repercussions. A strategic approach to risk management paired with comprehensive commercial liability coverage helps operations avoid issues that could threaten stability, reputations and future growth.

Commercial liability coverage can safeguard against property damage, personal injury and legal claims. However, it’s important to consider tailoring this coverage to your company’s unique risks. Read more below about considerations for selecting your company’s ideal coverage and resources available to help you stand prepared when it matters.

Factors to Consider When Securing the Right Coverage

Understanding your company’s risk factors and the finer details of your potential coverage can make all the difference when it comes to commercial liability insurance and the security of your business.

Industry-Specific Risks: No two businesses are alike, and it’s important to incorporate coverage that protects against the unique obstacles of your company's operations, processes or services. For example, a retail store might prioritize coverage for shoplifting, property damage or liability for customer slips and falls. A manufacturing plant might prioritize product liability insurance to protect against claims of manufacturing defects, as well as coverage for equipment breakdown and worker injuries.

Policy Limits: These caps define the maximum amount an insurer will pay for a covered claim. Assess the potential risks your company might face to ensure the policy limits are adequate, along with any projected risks your company could experience in the future as your business grows.

Exclusions: Insurance policies often detail conditions and circumstances not covered by a particular plan. It’s important to be aware of such exclusions to avoid surprises. Common exclusions may include flood damage, issues brought on by natural disasters or those related to intentional acts. Awareness of such exclusions can help determine which insurance policy is best for your business — and whether supplementary policies are needed.

Claims Process: Every insurance company operates differently. When evaluating your options, researching a potential insurer’s reputation for claims management can help ensure your business receives quality support. Familiarize yourself with the filing process, timelines and required documentation. Knowing what to expect can help minimize business disruptions and streamline the overall process.

LEARN MORE ABOUT COMMERCIAL LIABILITY INSURANCE

BCH’s Risk Management Center Offers Insights for Added Protection

With libraries filled with risk management resources, training videos to keep teams at the top of their game and customizable job hazard analyses (JHAs) that simplify the process of identifying risks, your Risk Management Center (RMC) is here to help.

VISIT THE RMC

Is Your Business Protected Against Flood Threats?

Flood insurance plays a crucial role in helping businesses recover from property damage or losses sustained during storms, but it isn’t included in most commercial coverage. Business owners who opt to secure flood protection often struggle to find the right plan for the job, decipher associated costs and understand the steps they can — and should — take to prevent damage. BCH is here to help.

Our Flood Insurance Claims Guide offers an overview of the claims process and tips to prepare your property before, during and after claim inspections. For information on policy options and costs, check out our Flood Insurance Coverage Insights Sheet. Download your copies, share them with your team and remain prepared all storm season long.

FLOOD INSURANCE CLAIMS GUIDE

FLOOD INSURANCE COVERAGE INSIGHTS

Have Additional Questions?

CONTACT BCH