Bodily Injury Protection
Every business faces liabilities every single day it is in operation. Because of this, there is only one way to provide your business and yourself with the protection you need to stay in business. One of the most severe types of damage that can occur is the bodily injury of another person. This can also be very expensive.
If an accident that is the fault of the business or is allegedly the fault of the business causes bodily injury to an individual, they may decide to sue the business for their medical expenses. Medical expenses can be very expensive and, even if the injured has health insurance, the injuries can far exceed the monetary amount that the insurance company will pay. Plus, an individual can lose insurance benefits if they are not able to go to their job for a while because of their injuries.
Basically, bodily injury protection protects your business and the individual who is injured. Anyone who is injured deserves to be able to receive the medical help that they need. They should not have to wonder why they can't have a better quality of life and you don't have to wonder how you are going to pay the expenses.
What is Covered?
Bodily injury protection can be a part of automatic additional insurance and pays what your business is legally obligated to pay on any medical bills, hospital bills, long-term care, rehab, lost earnings, pain and suffering, and any other damages sustained as a result of the bodily injury. It is also possible that death can occur in an accident, so the bodily injury protection will cover funeral costs as well.
You may also be pleased to know that bodily injury protection also covers the fees for your legal defense if you are sued. This prevents you from having to pay any of the expenses out of pocket, thus preserving the financial integrity of your business.
Do You Need Protection?
Some businesses may question whether or not they truly need protection. This is where you need to look at the industry you are in and the tasks that you perform. For instance, if your company is a moving company it is going to be in your best interest to have bodily injury protection. You never know when your staff may be moving a large piece of furniture and someone gets in their way, causing the furniture to injure that person.
Another example is if your company is an excavating company. You operate heavy machinery and you never know when someone operating that machinery may not see someone standing close by and that person becomes injured.
There are many instances in which someone may become injured. You may have a retail establishment in which someone slips on a wet floor. Evaluate all potential hazards and tell yourself that it is very likely that someone at some point is going to become injured.
It is also important to note that you will need to determine your limits. It is up to you to select your coverage limits based on how much you want to pay. It may help to determine the maximum amount that the insurer will pay and then base your decision upon that.
In the end, you'll be glad that you have bodily injury protection in case an accident does occur that causes bodily injury to someone else. When you have protection that will ensure you do not have to pay expenses out of pocket, you can continue doing business the way that you should without having the black cloud of a lawsuit continually hanging over your head long after it is over.