Anybody who owns a business should never go without insurance. Doing so can place your business at an extreme risk – one that can force you to shut your doors overnight. Therefore, you need to make a risk assessment for your business so that you can determine your exact insurance needs.
Types of Commercial Coverages
By performing a risk assessment, you can better discuss your requirements for commercial insurance in Tulsa, OK. Some of the available coverages include the following:
* Premise liability insurance
* Workmen’s compensation insurance
* Commercial vehicle liability insurance
* Product liability insurance
Product Liability Coverage
If you manufacture products, you should definitely take out product liability commercial insurance. This insurance will cover you if someone files a lawsuit against you for a product defect. If the product you are selling causes property damage or injury due to negligence, this coverage can save you the legal costs of your defense. It will also cover any damages you may need to pay.
Key Insurance Features
When choosing commercial insurance that features product liability coverage, you will notice that it offers several key features. Two of these features are as follows:
* The territory where you produce the product is covered, such as the US, worldwide, or true worldwide. Worldwide protection is offered with the requirement that a litigant bring suit in the US.
* Payment on your behalf is featured on product liability plans.
However, be forewarned that a product liability insurance plan will not pay for the expenses involved in a product recall. You must buy separate insurance for this type of event.
What Product Recall Insurance Does Not Cover
Product recall insurance covers the costs of recalling a product from the marketplace. It does not pay for the money a customer lost due to a product defect. Policies also do not cover the cost of a product’s repair so that it can be resold.
If you want to know more about insurance coverage for your business, visit AES Insurance Brokers online. Find out more about the types of plans that are available and see which insurance package will best meet your needs.
