Small business owners are under a constant threat of liability risks. Every business is under risks, but that doesn't mean that you allow the risks to remain a threat. There are challenges and risks that are never going to go away.
But there are also risks that you can mitigate with the proper insurance.
- Employee Injuries
Your business has a duty to protect employees, yet accidents can and do happen. A lot can happen in your place of business,
including:
• Falling off a ladder
• Tripping over an item
• Pulling out a back
Any injury that occurs is a potential liability for your business. You need to have proper coverage if you plan on hiring any employee. Workplace injury claims can be filed against an employer, and new U.K. laws require the plaintiff to prove employer negligence.
Employers Liability insurance will help lower the risks of employee injury liability.
- Auto Accidents in a Business Vehicle
Business vehicles may be a part of your business's operations. If you own a trucking company, for example, you'll need to have commercial liability insurance that protects both your truck and the driver if an accident occurs.
Hundreds of people are killed in HGV accidents per year, with over 6,000 accidents in 2013 in England and Wales.
Proper insurance will protect your business from losses derived from:
• Damaged vehicles
• Injuries
• Death
• Liability
HGV and Lorry insurance comes in three different types:
TPO: Third party only insurance will provide a minimal level of insurance protecting you from damage to third party property, injury to others and liability while towing.
TPFT: Third party insurance that protects against theft and fire. This insurance will protect you if a truck is stolen, damage occurs during a theft or fire damages a vehicle.
Comprehensive: A must-have insurance that will provide extensive insurance that protects against everything listed as well as accidental damage, loss, or damage to a lorry, medical expenses and windscreen cover.
If you own a business vehicle, the proper insurance will protect you against any potential liability and damage claims that occur.Slips and Falls
False slip and fall cases causes over £1.32 billion in losses per year in the UK, with 350 fake insurance claims per day. The staggering increase in slip and fall claims are a cause for concern for all small businesses.
Conmen have been caught trying to make claims for accidents in Lidi and other supermarkets that were caused by their own actions.
Small business owners need to have insurance to protect against slips and falls. But small business owners can also do a lot more to protect themselves, including:
•
Adding signage for areas that pose a potential risk or hazard
• Making timely repairs in potentially hazardous areas
• Using CCTV to catch fraudulent claims
Negligence on part of the owner needs to be proved, so you must take all "reasonable" actions to protect patrons on your premises. Continual management and examination of the area allows you to lower your business' risk of slip and fall claims.