What types of risks does my commercial business face?
Whether you’re a clinic, clothing store, or restaurant, there are dozens of customers and clients coming in and out of your store daily. This creates risks because people could trip, slip, or find other ways to injure themselves. If they do, you could be at fault for their injuries or property damage and face a lawsuit. You can plan every detail to prevent this. But on a busy day, you may miss hazards that cause customers to injure themselves. Another legal risk involves third parties like your neighbours or landlord. If a fire from the adjacent store damages your commercial property, you may sue your neighbour or landlord to recover repair costs. Or your landlord may sue you for repair costs. While waiting for the result of litigation, paying for repair costs out-of-pocket could hurt your business’s cash flow. Commercial properties have dozens of other risks. Imagine a pipe burst and floods your store. Not only will you need to repair water damage and replace equipment, but you may also need to close your store for several days. During this time, it may mean no revenues while still needing to pay staff, suppliers, and other bills. Business interruption insurance mitigates this risk.