Business insurance has the goal of minimizing risks to your company. These risks are incidents in which your company suffers financial loss. The right policy can cover a wide range of these risks.
One area of concern is the parking lot. Not all types of incidents occurring in your parking lot have coverage. Laws also differ on whether incidents in a parking lot are your responsibility. As a business owner, what should you do?
Find Out What Your Policy States 
Each business insurance policy is a bit different from the next. It is up to you to choose coverage that meets your needs. Call your agent to find out what your current coverage is. Here are a few questions to ask about parking lots.
- Does your liability insurance extend to parking lot accidents? This might include slips and falls by customers, for example.
- Does your property insurance cover damage to parking lot structures? This might include signage or fixtures.
- Does your coverage provide protection from risk that originates in the parking lot? For example, a fire in a trash can may spread to your building.
- Do you have coverage for employee-related theft or crime? This helps minimize risks associated with fraud or theft occurring on your property.
- Does your commercial vehicle stored on your lot have ample protection? What situations may put it at risk?
Most often, you can update your current business insurance to meet these needs. Doing so can cost a bit more. However, this type of protection is important.
Consider Additional Liability Insurance
Depending on the law, you may be responsible for damage to other people’s property if the loss occurs in your parking lot. You also need to consider bigger risks. For example, someone falling on ice can lead to costly medical bills. Updating your commercial liability insurance to a higher level of coverage may help. Be sure your policy does not exclude parking lot risks. Discuss this with your agent. Most often, higher liability coverage does not cost much more.
Parking lots should be a focus of your business insurance update. Take the time to talk about your lot with your agent. Consider the types of claims you may file in the coming months and years. Be sure your coverage matches these risks. Ask your agent about other claims. He or she can help you gain enough protection against them. They can also help you understand the law to see what responsibility you have for accidents in your lot.