If your small business is starting to gain traction, then congratulations! The business world is tough and full of risk, so getting into a consistent groove is a huge sign of success. But as your company grows and starts to compete with other entities, there are a few more risks that you might start to encounter. Protect your business’s good name and profits as you ramp up marketing with these key areas of insurance:
Do you have advertising injury coverage?
This falls under your commercial general liability (CGL) policy and is often connected to personal injury. This isn’t about physical injuries or harm that might happen if someone slips on your property, a product breaks, or your services cause a physical hurt. Instead, advertising and personal injuries are about things like libel and slander. As you start to market your business more and more, you might face claims regarding anything from libel to invasion of privacy. Here’s how:
Are you using a customer quote?
There’s nothing like a good recommendation to make people trust your business. If you like up any business’s website (no matter how large or small), they probably have a few good quotes about their business. Even Amazon sellers use reviews to get good business. But if you don’t get permission first, your customer can make a claim against you. Either they didn’t want anyone to know they used your services (invasion of privacy), they didn’t mean what your use of the quote implies, or any number of protests. If you’re going to use recommendations, get written agreement first and still have protection, just in case.
Are you saying your services or products are better than a competitor’s?
Even a generic ‘We do X better than our competitors!’ can be tricky. If your competitors make a claim or suit against you because they say you’re making a pointed reference to them in particular or that your claim isn’t true, it can tie up your time and energy. The rules regarding what you are and aren’t allowed to say about your competitors’ failings don’t always have a clear answer. Make sure your company is covered so you don’t have to fight for the right answer on your own.
If you would to like to discuss your options for business insurance please call us at 561-732-9305 our quoting hours are Monday through Friday from 8:30 AM to 5:30 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!
Rob Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953.