Many business owners are unaware of the fundamentals of commercial/business insurance such as why it’s important, what it covers, and how to get the correct coverage for yourself and your company. Here are five common business insurance myths, as well as the myth-busters you should know.
Myth: All you need is a basic policy.
Truth: This may be true for some businesses. However, every company is different: some may rely on very valuable equipment or inventory, others may deal in sensitive data, and still, others may be more likely to be sued. It’s critical that you understand how “basic” insurance may or may not protect your organization. With the help of an independent insurance firm like ours you can decide on the best coverage for your operation.
Myth: If you or your workers drive their own cars you can avoid purchasing business auto insurance.
Truth: Having a business auto policy is a must if you or your staff drive for business purposes. Accidents or injuries that occur while doing business are unlikely to be covered by your standard auto insurance policy.
Myth: If you don’t have staff, you don’t need business insurance.
Truth: Having business insurance is a must for any business owner, whether you are a one-person operation or manage a workforce of employees.
Myth: If you don’t have a formal business location or are working out of your home, you don’t need business insurance.
Truth: Many of the hazards that come with running a business are simply not covered by a standard homeowner’s insurance policy.
Myth: Commercial insurance is prohibitively expensive.
Truth: On the contrary, business insurance may be very reasonable and is well worth the expense to secure your livelihood and the firm you’ve worked to develop. A well-rounded insurance program will provide you peace of mind and allow you to focus on your goals.
Call or email our staff immediately if you have any questions about business insurance.