Why You Need Business Insurance for Certain Contracts

Did you know that some business contracts require you to have business insurance? It’s true. From signing a lease for your new location to landing a big client, many other companies and entities will require you to have some form of insurance before they agree to do business with you. Read on to learn more:

A risk of personal injury or property damage

For firearm manufacturers or distributors, there is always the risk of personal injury or property damage when using one of your products. As such, retailers may ask you to get coverage before they buy your products.

Leasing commercial space

No matter what industry you’re in, there is always the risk of an accident. Maybe someone slips on the sidewalk outside of your building, or maybe they injured themselves using one of your products. Regardless of the situation, landlords will require you to have insurance coverage so that they don’t have to cover the cost of the accident or injury themselves.

A contract to license technology

Sometimes, products are defective. These defects—especially with firearms—could cause harm or injury to a business’ employees or customers. To protect themselves if these incidents occur, a company might want you to have coverage before signing any kind of contract.

Having business insurance will not only protect the companies you do business with, but it will also protect your company as well. At Firearms Insurance Agent, we can help you find the right coverage for your business. Contact us today to learn more.

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