Liability Coverage with Florida Business Insurance

Your Florida business insurance may cover many things, but does it include premises liability? What is premises liability? It is a type of coverage that helps meet the cost of claims resulting from injuries incurred at your business. Think you can handle the financial responsibility of an accident? Consider how much Wal-Mart had to pay after an unfortunate tragedy occurred at one of their stores on Black Friday 2008.

The Valley Stream, New York Wal-Mart store was not opening until 5 AM, but people had begun lining up hours before. By the time business hours arrived, customers had begun to break through the barricades and were trying to force the doors open. Unlocking the entrance led to a stampede in which Jdimytai Damour, a man hired for the holiday season, was trampled to death.

Wal-Mart’s failure to control the crowd meant the company could have been liable for criminal charges. In the event, Wal-Mart donated $1.2 million to the community, as well as paying out a large sum of money to compensate the injured.  The victim’s family filed a civil lawsuit against Wal-Mart, which was eventually settled for an undisclosed amount. The Occupational Safety & Health Administration also fined them $7,000, which Wal-Mart was forced to pay after spending around $2 million appealing the decision.

While your business may not be as large as Wal-Mart, it is at just as much risk of expensive claims after accidents on the premises. With the proper Florida business insurance, you may get help paying for a range of expenses related to liability lawsuits.

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