A Consolidated Loss Prevention Plan
As a business owner, you might be very cautious when it comes to spending. Your budget might require careful consideration with every purchase, and this could extend to insurance. Although an expensive necessity, the costs incurred from lawsuits or claims when you don’t carry a liability policy can be devastating to your company. If you are thinking about protecting against a range of liabilities, consider a broadform liability insurance policy.
Comparing Coverage Options
Many small businesses opt to purchase a public liability policy to protect their company from claims of loss. These situations are associated with physical or property damage caused by a third party in a location where your business is deemed responsible. However, this coverage isn’t comprehensive enough to address concerns that arise from the use of your company’s products. This gap exposes the product as liable rather than the services or location of the business. Instead of purchasing a product liability contract, a broadform policy can address the need.
Combining Your Coverage
A broadform liability insurance policy is responsible for claims of liability regardless of whether it is public or product fault. It covers loss associated with your product or physical work. Although it is more comprehensive than an either/or situation, it is still important to talk with your insurance broker about the details. There are many details to be worked out to ensure you are fully protected.