A trick for all trades: how to avoid costly claims

July 31, 2020

We live in an era where consumers know their rights and are more assertive when something doesn’t go the way they think it should. Consumers also know when they can file a claim for many valid reasons like slip-and-fall incidents, personal injury at the business location and product liability. Some claims are typically costlier than others but whatever the case is, there’s a way to lighten the blow on you.

Business Insurance Is Your Best Friend

.To avoid costly claims to your business you may want to consider a business insurance policy. Otherwise, claims made by your customers can harm your reputation and greatly damage your financial stability. A general liability insurance policy covers many common claims that businesses encounter.

Here’s a way for tradesman liability insurance to protect your business further: custom build your coverage. Protect your business against liabilities for bodily injury or property damage that a third party encounters — including suppliers and contractors, customers and their property, and the general public.

The ability to customise public liability insurance can allow you to cover all the bases. You can incorporate the unique challenges that your trade encounters. This results in comprehensive coverage for your employees and partners, personal injury and property damages at your premises or due to your tools or products, legal costs and expenses, and a generous allowance of tax audit cover.

Protect Personal Information and Business Data

Physical distancing and self-quarantine remain important while we fight a global public health crisis, so more people are relying on online transactions. They might need to share personal information with you when they sign up for your services or purchase your products.

Another way you can prevent customers from filing costly claims to your business is to keep their data protected. They want the assurance that you’ll guard the information they share with you. Back up their data and guard it with trusted antivirus software.

It also helps that only a number of trusted employees can have access to that information. With this in mind, consumers will be more comfortable transacting with you.

Observe Work Health and Safety Guidelines

Although many business locations remain closed and a lot can only accommodate a limited number of people at a time, this doesn’t mean you should disregard work health and safety. You’re legally required to manage all risks to health and safety of people in your workplace. These people include the staff, customers, contractors, suppliers and visitors.

You will inevitably shell out financial resources to implement safe practices and install safety equipment but it’s all part of running a business. Besides, disregarding health and safety guidelines now might result in loss of skilled staff and complaints against your business later. Not to mention the potential personal injuries and property damage in your workplace that could result in claims against you.

You might also want to consider these factors when custom building an insurance policy to protect your business. You may want to cover all bases to prevent a huge financial loss for your company. Get a quote from us today.

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