Super Bowl weekend was big for the city of Baltimore, what with its beloved Ravens winning the title after a season of thrilling highs and frustrating lows. But the story out of Charm City last weekend that caught the attention of the insurance industry is only tangentially related to touchdowns.
It's a story that news outlets around the country have been covering, and it has caused a rare and delightful phenomenon: when people hear about the business insurance involved, they think, "how cool."
The Coolest Business Insurance You'll Ever Hear About
Here's what happened: Gary Mullaney, the owner of Baltimore-based Gardiners Furniture, decided to offer a promotion on Super Bowl weekend. If the Ravens returned a kickoff for a touchdown, he said, any furniture bought over Super Bowl weekend would be free.
A big bet, to be sure, but not one that he would likely have to follow through on.
Just in case, though, he purchased a business insurance policy that would protect him in case he had to pay.
When Jacoby Jones returned a kickoff for a touchdown in the game's second half last weekend, Mullaney was glad he'd taken out that policy. He spent $12,000 on insurance premiums, but he ended up giving away $600,000 of furniture. In other words, his insurance prevented him from losing $588,000 in a single weekend.
Even better? The free furniture gimmick got Mullaney more media attention than he ever could have garnered with a $12,000 advertising budget.
Other Cool Things Business Insurance Does
While the general public may only hear about how cool business insurance is once in a great while, we at insureon work with it on a daily basis and are always happy to see it get the recognition it deserves.
So what awesome feats can business insurance do for your business?
- Protect you from clumsy clients or customers. General Liability Insurance shields you if clients injure themselves on your premises. That means you don't have to worry about the costs of lawsuits that injured clients bring against you.
- Protect you from accident-prone employees. If one of your team members gets hurt on the job, Workers' Compensation Insurance can protect you from related costs you might be liable for: medical expenses, rehabilitation costs, and even lost wages.
- Protect your stellar management or sales team. Key Persons Insurance can provide financial security for your business in the event that a key leader on your staff dies or becomes incapacitated.
- Protect you from unexpected business interruptions. Business Interruption Insurance offers you replacement income in the event that an unexpected event forces you to shut your doors temporarily. For many small-business owners, this type of coverage can make the difference between solvency and bankruptcy when unanticipated events throw a wrench in normal operations