In the first part of this discussion, we went over a few scenarios which illustrate various types of coverage you might need for your new business.
Let’s now go over a few more.
- Unbeknownst to you, a local newspaper interviews one of your employees about the business climate in town. She is quoted in the article as having said that your competitor is “a man without scruples or ethics who offers shoddy products and overcharges his customers.” Upon reading the article, your competitor files a lawsuit against you and your business.
- You pull into the parking lot of your office one morning and see that the window has been shattered, there is crime scene tape around the building, and there are four police cars parked there, each with lights still rotating.
- You invite a client to take a seat in your office, and he does so, only to have the chair collapse, leaving him sprawled on the ground. As you finish calling 911, he tells you that he cannot move or feel his legs.
- Your computer causes a short circuit overnight and you arrive at work to find that the building you leased has burned to the ground, destroying your office and its contents as well as those of four other businesses.
Now, reading through these scenarios, can you figure out which coverages are best for each situation? No? Well, worry not. Your licensed insurance professional most certainly can.
Your job is to remember that there are risks associated with any venture, and that your highest priority before you open is to make sure that you have the proper business insurances in place.