If someone hurts him or herself on your property or damages your building, you are on the hook for the medical bills or repairs. If you cannot pay for the medical care, you could receive a court summons, which often requires legal help from a skilled lawyer. Luckily, you do not have to pay for everything out of pocket if you sign up for insurance protection in several key areas. Here are the three main areas covered by a basic commercial liability insurance policy:

1. Medical compensation

If someone trips and falls while walking inside your property lines, you will need to pay for their medical bills until they are fully recovered. The medical bills could include anything from a single doctor’s appointment up to an extensive amount of time in the hospital. As a result, it is wise to make sure your basic liability coverage includes a high maximum limit for medical compensation. Otherwise, you will need to pay for all of the bills yourself to avoid a lawsuit.

2. Legal representation

If an injured party or unsatisfied customer takes you to court, your commercial liability insurance plan covers the cost of legal representation. Without legal counsel, you would have to use your limited legal knowledge to fight the claims against your company. Experienced legal representation protects your company from frivolous claims, improves your chances of outright dismissal and even lowers the settlement amount if the judge rules against you.

3. Property damage

Whether property damage is the result of an accident or purposeful vandalism, you will need to pay for the repairs if you do not have adequate insurance coverage. Property damage could range from smashed windows to a serious fire. When securing a plan, make sure the coverage amount far exceeds the total value of your building and all of the belongings inside. If anything happens, your insurance agency will perform the repairs and even replace your equipment after you satisfy the assigned deductible.

Content provided by Transformer Marketing.