Large businesses and corporations know to have extensive commercial insurance that covers them in the event that anything goes wrong. They often err on the side of too much coverage rather than too little, and often have knowledgeable, experienced agents at their disposal who make sure that their coverage changes according to their needs.
Smaller businesses, however, don’t necessarily have this level of service at their disposal, and may attempt to save money by either not carrying insurance or by carrying the bare minimum of insurance. These strategies may appear to save you money, however, they can backfire on you if something goes wrong. Worst case scenario is that you lose your business and end up in debt that will set you back for years. It’s important to be prepared to avoid this. You can be prepared by anticipating the unexpected, and ensuring that your coverage is adequate.
Commercial Liability Insurance
Whatever the size or type of your business, you must be prepared to handle unexpected accidents, injury or damage. Even if you have a home business, it’s essential that you have liability coverage. If someone gets hurt, or their property is damaged at your place of business (even if it’s your home) you must be covered to avoid catastrophic financial losses. Someone could slip and fall, or a similar accident could occur. Yes, you may never have this experience, but if you do and you don’t have commercial liability insurance, it could put your business under.
Commercial Property Damage And Theft
How much would it cost you to replace your stock, equipment or building? Again, you may not ever have to worry about this, but the reality is that things do happen. If someone steals or vandalizes your property, you have to repair or replace it. If a fire breaks out, or an accident occurs, do you have the cash on hand to get things back up and running? If the answer is no, then commercial property insurance needs to be a part of your coverage.
Talk to the agents at Brandywine Insurance Group to determine how much coverage you need, and what type of coverage best suits your business. The unexpected may never happen, but if it does, you will stay in business.