Liability is a difficult thing to figure out as a business owner. Certain conditions are going to mean that a specific company is more open to liability risks than others. Regardless of your business operation, there is a chance that your business could be faced with litigation or threats of litigation. It is important that you review your business operations with your insurance Agent to be sure that you have adequate liability coverage.
Your Industry
The industry that you work in is going to make a big difference when it comes to obtaining liability coverage. Companies that need to be most aware of liability are the ones that deal with dangerous elements on a regular basis. An example could be an industry that uses dangerous equipment that can easily harm patrons if used incorrectly. But most often, even companies with office exposures put themselves at risk by interacting with customers.
Owning commercial property where customers are meant to come and complete a transaction can put you at risk. If something happens to a customer on your property, you can be blamed. Working in a food-adjacent industry is similar since what you feed to the customer can have real medical consequences. If you have any commercial vehicles, your company can be held liable for incidents on the road.
Workplace Hazards
Workplace hazards that are common in your industry can pose some of the most nefarious problems. Because your employees are exposed to them on a regular basis, that means that there is a higher likelihood of your workers growing accustomed to danger. When risk becomes routine, safety practices tend to get relaxed for convenience-sake. And statistically, it also becomes more likely that an accident can slip through the cracks regardless of safety practices. The most common scenario that can cause an accident is a wet floor. So having the proper signage on a wet floor is a must to avoid accidents.
Legally, you should do everything in your power to prevent liability issues within your workplace. That means having the proper licenses, training, insurance, PPE, and signage in place – among other things. Workers are more aware of their surroundings when there are danger signs in the workplace. Make sure you include anything your employees might need to improve their experience.
Safety should never be taken lightly. Neglect on your part can result in both painful, tragic results as well as serious legal and financial consequences. It’s even possible for you to go to prison as a result of illegal and unsafe workplace practices. Critically consider your company, your industry, and your current workplace. What are the most common dangers? What are the uncommon dangers that can still take place? As you take steps to create safety protocols, you’ll be making your company better for everyone.
Did you enjoy reading this article? Here’s more to read. What is General Liability Insurance?
LEGAL DISCLAIMER
Views expressed here do not constitute legal advice. The information contained herein is for general guidance of matter only and not for the purpose of providing legal advice. Discussion of insurance policy language is descriptive only. Every policy has different policy language. Coverage afforded under any insurance policy issued is subject to individual policy terms and conditions. Please refer to your policy for the actual language.
