Monthly Archives

February 2018

lower risk for workers compensation claims

The Reality of Legal Liability

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When you started your own business, your legal liability was probably the last thing on your mind.  However, it’s important that you understand just how major your business’s liability risks are.  Here are some of the situations in which your business could be held legally responsible.

Injuries on Your Property

One of the most common liability issues that business owners face is the threat of customers injuring themselves while on company property.  For instance, if a customer slips on ice outside your store, you might be responsible for their medical costs.  Additionally, they could take you to court and try to win more of your business’s money.

Injuries Caused by Your Products

Imagine that a customer shocks him- or herself on the toaster that they purchased from your store.  Even though you did not manufacturer the faulty toaster, you can still be held partially liable for your customer’s injury.  This is because you, as a store owner, benefitted from the sale of the faulty product.  Should the customer file a lawsuit, you might find yourself out some serious cash.

Injuries Caused by People You Served Alcohol To

If you own a restaurant or bar, you might be liable for the acts committed by people you served alcohol to.  In some cases, you will be held responsible even if these acts are committed after the customer has left your business’s premises.  While this liability law does depend on your state, if your state upholds this regulation, you can be held liable for drunk driving accidents and other very serious legal issues.

Unfortunately, your business faces some very serious liability risks.  Luckily, there are things that you can do to mitigate your risk.  For instance, having the right business insurance policies in place can help you protect your business.  Need assistance in finding the right coverage for your business’s needs?  Then contact the team at Contractors Insurance Agency.  Our dedicated professionals are ready to assist you with all your insurance needs.

Tips to Help Reduce Your Workers Compensation Costs

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Take these precautions to reduce the risks and costs associated with an employee injury.

As a business owner, you are responsible for the success of your company and the safety of all your employees.  While this is a big order to fill, there are steps that you can take to ensure that your workers stay safe.  For instance, having the right business insurance is a great place to start when protecting your business.  However, there are other precautions that you can take to ensure that your workers compensation costs don’t get out of hand.  Here are some of the steps you should consider taking to reduce your business’s workers comp costs.

Take Claims Seriously

If an employee comes to you and tells you that they’ve been injured, it’s important that you take this claim seriously.  Even if the employee insists that the injury isn’t serious, you still need to take steps to ensure that your employee gets the necessary medical treatment right away.  Not only can your quick action prevent the injury from becoming more serious, but it can also ensure that you aren’t sued later for negligence.

Handle Issues When They’re Small

While that broken light bulb or that bit of uneven flooring might not seem like a big deal now, these issues can increase your employees’ chances of falling and injuring themselves.  Address potential safety hazards as soon as possible to avoid having to file a workers compensation claim down the line.

Be Involved in the Process

Many small business owners think that workers compensation claims should be completely handled by their insurance company.  However, claims can quickly spiral out of control if you do not manage the process carefully.  Take the time to walk through the process with your employee and make sure they aren’t feeling pressured or rushed.  Oftentimes, your employee will cause far less trouble if they feel listened to and supported.

Try out these suggestions to keep your business’s worker’s compensation costs down.  Remember, if you want to protect your business, it’s important to have the right business insurance to meet your needs.  To find the right policies to meet your needs, contact the professionals at Contractors Insurance Agency.

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