The top 5 reasons every business needs commercial insurance
By Leana Schwartz, Independent Commercial Insurance Agent
Commercial insurance is necessary to protect one’s business and personal assets against worst-case scenarios. Obtaining proper insurance coverage provides peace of mind that enables business owners to focus on their business instead of worrying about potentially devastating losses.
Regardless of company size, every business has something that needs to be protected. Commercial insurance is one of the most important investments in success that business owners can make. Good insurance can be all the difference between staying afloat or losing everything in the event of a loss or lawsuit.
Commercial insurance protects businesses from common losses such as:
- Property damage
- Employee injury
Why every business needs commercial insurance
Here are the five top reasons all businesses should be properly insured.
1. Once is all it takes
Just one incident can be enough to take down a business. The cost of liability for a severe on-the-job injury or worse can quickly outstrip the financial capabilities of most small businesses.
2. The other party may not be insured
When the negligence of another party damages business property, hopefully the responsible party has adequate insurance to cover the loss. But this is often not the case, and adequate insurance coverage serves as a backstop.
3. Accidents happen
Even if a business takes every available precaution, accidents will still happen. Insurance protects against loss, damage, and liability lawsuits resulting from such incidents.
4. Maintain control
Business owners can’t personally monitor and control their business 24/7/365. Commercial insurance stands guard for owners while their business is out of sight and mind.
5. All the reasons you don’t know
While it’s easy to foresee a number of things that can go wrong and cause a loss, and possibly prevent or mitigate those risks, there are far more unpredictable, inexplicable, and totally random events that could deal a devastating blow to a business.
Working with an expert insurance agent
An experienced commercial insurance agent can assist business owners in identifying and evaluating risks, and help the owner select optimal commercial insurance coverage. Plus, when a claim occurs, the agent will serve as intermediary between the covered business and the insurance company, easing the burden on the business owner and staff.
The insurance needs of a business will likely change over time. While business owners should have a working knowledge of insurance and how it applies to their business, it is not practical for them to develop insurance industry expertise. Instead, cultivating a relationship with a trusted insurance agent provides assurance that proper commercial insurance coverage will be maintained.