Liability Coverages for New Businesses
Even though some of our clients’ businesses are in the early stages of development, we believe at Kuzneski Financial Group that it is never too soon to explore the need for general liability insurance. The purpose of liability insurance is to protect our clients from the risks associated with paying for damages or being sued and having to pay out their hard-earned profits to a third party who files a claim against them.
As our clients’ businesses grow this coverage becomes increasingly more necessary, but we will make sure they have this coverage in place before they need it. We ask our clients if any of their employees inadvertently caused personal or property damage to a customer, could their growing business afford to pay damages? Or worse yet – legal fees? A commercial general liability policy will also help our clients offset legal fees in the event they are sued, and legal fees can add up quickly!
Workers’ Compensation insurance is another form of liability coverage that helps protect our clients from unforeseen expenses due to employee workplace injuries. This includes medical bills, missed wages for the injured employee, and legal fees if our client is sued. Do you need further convincing? Workers’ Compensation is required by law in most states, including Pennsylvania.
In the case of general liability coverage and workers’ compensation coverage for your business, if you are worried that you can’t afford it, you can’t afford NOT to have it. We hope that our clients will never have to use any of their insurance policies, but if they do, the benefit of protection they receive makes it well worth the cost.