Honestly, people see Insurance as a cost. It's more of a benefit, because if something goes wrong a lawsuit can pretty much cost you your company. Liability insurance just protects your ass from frivolous lawsuits and any errors caused by manufacturers.
Reason i know this full well, my grandfather never bothered to get Liability insurance. Some numb nut decided to use a 55 gallon steel drum after being told not to in creating a Barque. Long story short, he died by illegally modifying something he wasnt supposed to, his family sued the company we sold the drum to and we got pulled into the lawsuit. My grandfather's business tanked by 52%, had he had Liability Insurance, we could have avoided a lawsuit and probably forced them to drop the case.
That's what pissed me off the most. We sold it to the company and said Final Sale.
The Government decided that we were on the hook for it even though we were acting as a second party (the company was the 3rd party). People sometimes need to sit back and understand some regulations are not to keep you out. Its so you dont go poor if you fuck up one day.
Well the thing is, that 55 gallon drum used to house a chemical that was reactive to heat. You can only do so much scrubbing and cleaning, even if you do everything right something can always go wrong. Typically we just resell them back for industrial use and that the company we sold them to they were going to use them for industrial purposes. So when we were slapped with a investigation from OSHA and EPA as well a lawsuit...yea... fun times. A Liability insurance would have for the most part shielded us and helped pay any fines. So yea....it was a giant ass headache but the value of insurance was taught albeit a harsh lesson.
Honestly, people see Insurance as a cost. It's more of a benefit, because if something goes wrong a lawsuit can pretty much cost you your company. Liability insurance just protects your ass from frivolous lawsuits and any errors caused by manufacturers.
Reason i know this full well, my grandfather never bothered to get Liability insurance. Some numb nut decided to use a 55 gallon steel drum after being told not to in creating a Barque. Long story short, he died by illegally modifying something he wasnt supposed to, his family sued the company we sold the drum to and we got pulled into the lawsuit. My grandfather's business tanked by 52%, had he had Liability Insurance, we could have avoided a lawsuit and probably forced them to drop the case.
Smh
That's what pissed me off the most. We sold it to the company and said Final Sale.
The Government decided that we were on the hook for it even though we were acting as a second party (the company was the 3rd party). People sometimes need to sit back and understand some regulations are not to keep you out. Its so you dont go poor if you fuck up one day.
I think this is all a government overreach.
Should you have been sued? No.
But the concept of modifications being illegal should only exist in sports.
Well the thing is, that 55 gallon drum used to house a chemical that was reactive to heat. You can only do so much scrubbing and cleaning, even if you do everything right something can always go wrong. Typically we just resell them back for industrial use and that the company we sold them to they were going to use them for industrial purposes. So when we were slapped with a investigation from OSHA and EPA as well a lawsuit...yea... fun times. A Liability insurance would have for the most part shielded us and helped pay any fines. So yea....it was a giant ass headache but the value of insurance was taught albeit a harsh lesson.