Commercial Lines Claim StoriesPosted on Mar 08, 2022
Having commercial insurance is one of the best ways to protect a business from unpredictable situations. At Otterstedt, we understand that most businesses are always one disaster or lawsuit away from closure.
Here are some examples of real-life stories of how we help our clients navigate various unexpected challenges, keeping their businesses afloat.
We recently had a client whose building was damaged by a vehicle that drove into it. Upon hearing the devastating news, we went to the site and introduced ourselves to the client. We then saw the damage and explained to the client how to secure the building.
We also took photos of the building and assisted with getting a restoration company to board up the property. Once the building had been secured, we followed up by facilitating communication between the client and the adjuster. As a result, they obtained repair estimates for the building, including the costs of replacing damaged items. We stayed in touch with our client throughout the process until the claim was resolved.
But things could have been very different if the client didn’t have commercial insurance. Firstly, they’d have to settle the repair costs out of pocket. Usually, when such an accident happens, the at-fault driver will pay for the damages through their insurance company.
But what if the driver is underinsured? This could mean trying to recover the rest of the money directly from the driver, which is frustrating and rarely successful. Ultimately, the property owner would have to pay for the remaining damages from their own pocket.
Such unexpected expenses can cripple a business either temporarily or permanently. Luckily for business owners in New Jersey (and beyond), Otterstedt insurance agents can help them find the kind of coverage tailored for their business needs. As a result, it prepares owners for multiple scenarios that could threaten the longevity of their businesses. This helps them save money and rest easy, knowing that the future of their businesses is secure.
To reduce the likelihood of injuries at the workplace, we conduct safety training with employees of at risk clients. This is one of the services we provide to protect our client’s businesses. For example, we’ve visited several locations for one of our clients and explained proper cutting and lifting techniques, maintaining safe walkways, and using appropriate safety equipment such as eye protection and suitable footwear.
Despite training about preventive measures, accidents do happen. And when they do, we assist our clients in tracking claims and alert them to multiple incidents involving the same employee. This helps the client pinpoint where additional training and instruction would be helpful. As a result, it promotes a safe working environment for our client’s employees while protecting our clients from expensive legal processes.
In addition, we help our clients make informed decisions when choosing the right insurance for their businesses. This is because each business comes with unique risks and needs. And for companies with employees, the need for proper coverage is even higher.
For example, most states, including New Jersey, require that employers not covered by federal programs have workers’ compensation coverage. This coverage helps protect a business in the event of a lawsuit filed by an injured employee. It also helps companies attract top talent, improve employee morale, increase focus on safety, and promote employee loyalty.
Trust Otterstedt for Your Commercial Insurance Needs
At Otterstedt, we’ve connected thousands of clients in New Jersey, and beyond with commercial insurance policies they need to protect their businesses. For over 100 years, our insurance agency has been the trusted choice for clients looking for competitive rates tailored for their businesses. As a result, we’ve been named one of the Top 50 Insurance Agencies in the country.