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
  • Theft
  • Liability
  • Employee injury

Why every business needs commercial insurance

Here are the five top reasons all businesses should be properly insured.

5 reasons commercial insurance independent insurance agency long beach ca

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.

Still not convinced you need commercial insurance to protect your business? Contact Long Beach independent insurance agency NHC Insurance Services for a free risk assessment. NHC serves clients in Long Beach and the greater South Bay area of Los Angeles, including Signal Hill, San Pedro, Wilmington, Lomita, Torrance, and surrounding communities.