Commercial insurance aims to protect the personal assets of Memphis, TN business owners. Generally, it helps those that own small businesses that haven’t applied to become a limited liability corporation (LLC), C-Corporation, or S-Corporation. These entities feature built-in liability protection.
Why is Protection Needed?
According to representatives at Keltner Insurance, commercial insurance stops other parties from going after your assets in damage claims. Customers and other businesses may seek legal action against your company if they feel your products or service were inadequate or caused harm to them. Additionally, organizations might attempt to sue you if they feel your actions injured their brand.
Without commercial insurance, you end up paying for everything. It includes legal fees and monetary settlements. If your company’s revenue can’t pay out, the other party can seek the remainder from your assets. As a result, you could become bankrupt, lose the company, or lose your home.
Commercial insurance minimizes these dangers. Although there are several components, the central part of the policy is general liability coverage. At a minimum, this helps Memphis, TN businesses handle the legal fees related to lawsuits. These include court costs and those related to hiring law firms.
If the ruling is for the plaintiff, general liability helps cover payments related to cash settlements. They also halt attempts by the other party to obtain the remainder of payments through your personal assets.
Do you own a commercial insurance policy? If not, it’s past time to consider one. Contact representatives at Keltner Insurance for policy options that fit your budgetary needs. You’ll be grateful for the coverage if an uncomfortable situation arises.