Pfenninger, Claxton, & Estelle Insurance Group

Meeting with clientsAs a business, your job is to provide a service or product to a customer. The problem is that a variety of risks can impact your business' ability to do that. To minimize risks, your company may already be investing in quality business insurance, including liability coverage. Liability insurance specifically protects against mistakes, accidents or injuries that occur that could potentially lead to lawsuits or settlements against your company from non-employees. But, determining the amount of liability insurance your company needs isn't always easy to do.

When you work with your independent insurance agent, one of the tasks you'll have is to determine what type of risks you face, as well as what steps you can take to minimize those risks. Liability insurance for small businesses is harder to predict because there's no way to know how much an accident can lead to in terms of lawsuit costs.

In general, your insurance provider can help you determine a general estimate based on the type of business you have and the amount of perceived risk is associated with your company or industry. Because of the litigious society present today, it's likely that you will face a claim at some point in your business' existence. Most of the time, these are small claims. However, a single instance of a slip and fall in which a person suffers traumatic head injuries can lead to millions of dollars’ worth of required payments, putting your business at risk.

Your coverage should be based on the risk level of the industry you are in. Additionally, it should cover both the medical costs of the person who suffered loss, as well as the legal fees present. It's a good idea to work with your agent to look for ways to reduce your company's risk level as well. You may be able to do this by remaining claim free for some time, or by implementing programs to reduce risk.

Every business is different. To determine the best amount of liability insurance for your company, work one-on-one with your agent. Compare policies and look at pricing. In many cases, umbrella insurance is also available to cover your company further, reducing your risks even more so.

Protect your professional interests. Call Pfenninger, Claxton, & Estelle Insurance Group at (800) 343-7239 for more information on Muncie business insurance.

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