Insureon Blog

Philadelphia Building Collapse Illustrates Multiple Liability Scenarios

6. June 2013 10:56

In Philadelphia yesterday, an abandoned four-story building collapsed. The structure had been in the process of being demolished, and the collapse littered rubble throughout the surrounding area, including on parked cars and a Salvation Army store. While initial reports from the Associated Press indicated that there were no fatalities associated with the incident, updated reports note that at least six people died. 

Naturally, this event is not something that we’d wish upon anyone. But it provides a vivid example of how various types of business liability insurance work. And because business insurance often feels  like an abstract, foggy set of concepts, I decided to seize this opportunity to explain how various unexpected incidents can cause damage and how various coverage types can protect a business.

Business Liability Insurance in Action

Here’s what you need to know to follow the story.

Cast of Characters

List of Potential Liabilities 

Business Liability Insurance: Not Something to Gamble On

If nothing else, an event like yesterday’s building collapse in Philadelphia reminds us how unpredictable the world is and how a single unexpected incident can lead to a dizzying array of liability issues. It also serves as a sobering wakeup call about how even the most careful business owners can be sidelined by an incident beyond their control – and if they don’t have adequate insurance in place when that happens, they could face serious financial losses.

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know your business risks

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Insurance Terms Explained | Small Business Risk Management | Workers' Compensation Insurance

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