Madison Business Liability Insurance

Madison business liability insurance is costly, but it's necessary. You may be able to lower your Wisconsin insurance premiums by taking certain safety precautions. A good Madison business liability insurance company will give you tips on how to lower your risk and therefore, reduce your rates. For example, even keeping your office neat and tidy can significantly lower your fire risk (and your insurance rates).

If you're opening a bar or liquor store in Madison, WI, you also need to have liquor liability insurance. Your basic Madison liability insurance won't cover you liquor related incidents. So, if you're serving or selling alcohol, you may need this coverage. Otherwise, you may be sued for their duty and their patron, and have absolutely no coverage protect you.

Reduce Your Rates

Before you begin devising ways to reduce your rates, it's probably best to talk to your Madison business liability insurance agent or company. Certain insurance companies do not reward you for safety training and the like, and yet others take such effort quite seriously. It depends on the Wisconsin company that's insuring your Madison business.

Typically, providing documentation of safety training can help you reduce your rates. It's important that you document everything. Yes, the safety training itself is obviously important, but you need to have it on paper to present to your Madison business liability insurance company. Insurance companies like to have everything on paper, including phone conversations (which they document at their end).

If you can prove that your employees know how to react in an emergency situation, you may be able to secure lower Madison business liability insurance rates. Your insurance rates are based on your risks, so a Madison business liability insurance company will assess your risks and determine your premium. If your smoke detector works, and your safety equipment is in place, you will have lower perceived risks.

You might also consider opening your business in a safe location in Madison, Wisconsin, to secure lower rates. If you're on a busy street in downtown, there's more traffic, and therefore higher perceived risk. Of course, if you're opening a store in Madison, WI, you need the traffic for visibility. However, if you're opening an office, you may consider avoiding the busy downtown area.

You should also avoid setting up shop next to any dry cleaners, liquor stores, or other potentially hazardous businesses if possible. Believe it or not, your rates will be affected by the other businesses on the street. So, choose your street carefully! Furthermore, while it's wise to avoid setting up downtown, it's also important that you not too far from emergency services, such as a fire station and hospital.

Also, while old buildings in Madison, Wisconsin, can be very quaint, it might mean higher Madison business liability insurance rates. If you choose a modern building equipped with handicap access and the like, you can set your rates. That way, you don't have the risk of lead paint, or other potential problems found in old buildings.

Liquor Liability

Liquor liability protection is, unfortunately, also quite expensive. However, if your business manufactures, serves or sells alcohol, you may need this coverage to protect you. It may be sold as an add-on to your commercial liability policy or as separate one. Your standard Madison business liability insurance policy won't protect you from liquor related claims.

If you need to purchase this policy for your business, it's important that it includes assault and battery coverage. Most of the claims are brought against bars or restaurants are the result of a fight. So, if your liquor liability policy does not include assault and battery claims, it's pretty worthless. Make sure it includes this coverage!

Also, you should make sure employees are covered in the liquor policy. Your employees will definitely drink, so the coverage is more valuable if employees are included. Also, check that your defense costs are covered as well. Some policies don't cover defense costs, which are extremely expensive. In fact, legal fees will probably be the most expensive cost if you face a claim.

Your liquor policy should also include protection from claims of "mental damages". Sometimes a customer will say that your business has caused them stress, psychological damage, or some kind of mental anguish. Your policy should include these damages, because you may receive such claims.

Furthermore, as mentioned above, it's a good idea to get a liquor policy that will offer reduce costs for safety training. Good insurers may even offer free classes and training for your employees. Talk to a good Madison business liability insurance agent about finding an insurer who will work with you to lower your rates. Be sure you choose an agent who understands your industry well, and can find a cooperative and stable insurer to protect your business.

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