Business insurance can help minimize risks to your company. These risks are incidents in which your company suffers financial loss. The right policy can cover a wide range of these risks.
One area of concern is your business' parking lot. Not all types of incidents occurring in your parking lot are covered by insurance. Laws also differ on whether incidents in a parking lot are your responsibility. As a business owner, what should you do?
Find Out What Your Policy States
Each Business insurance policy is a bit different from the next. It is up to you to choose coverage that meets your needs. Contact your Bruening Insurance agent to find out what your current coverage is.
Here are a few questions to consider about parking lots.
- Does your liability insurance extend to parking lot accidents? This might include slips and falls by customers, for example.
- Does your property insurance cover damage to parking lot structures? These might include signage or fixtures.
- Does your coverage provide protection from risk that originates in the parking lot? For example, a fire in a trash can may spread to your building.
- Do you have coverage for employee-related theft or crime? This helps minimize risks associated with fraud or theft occurring on your property.
- Do your commercial vehicles stored on your lot have ample protection? What situations may put them at risk?
Most often, you can update your business insurance policy to meet these needs. Doing so can cost a bit more. However, this type of protection is important.
Consider Additional Liability Insurance
You may be responsible for damage to other people's property, if the loss occurs in your business' parking lot. You also need to consider bigger risks. For example, someone falling on ice can lead to costly medical bills.
Updating your general liability insurance to a higher level of coverage may help. Be sure your policy does not exclude parking lot risks. Most often, higher liability coverage does not cost much more than you currently pay for your premium.
Parking lots should be a focus of your business insurance coverage. Take the time to talk about your lot with your Bruening Insurance agent. Consider the types of claims you may file in the coming months and years. Be sure your coverage matches these risks.
Ask your agent about other claims. They can help you gain enough protection against them. They can also help you understand the law to see what responsibility you have for accidents in your lot.