Why Your Business Needs Commercial Insurance
As a new business owner, you want to ensure that your capital and investments are well protected. After all, a lot is riding on the success of your enterprise, and you definitely would not want to fail, whether because of poor business planning or lack of due diligence.
More than coming up with a sound business plan, however, you need to get commercial insurance for your business. Here are some basic reasons why you need it as soon as possible.
Protect Your Business from Property Damage
If you’re running a business, you’re running it from somewhere. It doesn’t matter if you leased a full brick and mortar space or if you’re doing it from your garage, or even your basement. You need commercial insurance to protect your business from property damage.
Especially if there’s manual production involved, you would want to have your supplies and materials insured in case of any unfortunate event or property accident. This way, you can immediately set your operations back up, and thus be able to mitigate the loss of income due to the property damage.
Protect Your Business from Theft and Liabilities
As much as possible, your business will remain safe and secure. However, in the event that you lose something because of theft, it would be ideal to have that commercial insurance coverage working for you. Of course you would want to be able to recover the lost goods and items, but in case it turns out impossible, then at least your insurance can cover for it.
Sometimes the loss isn’t even due to a third party, but to someone actually working within your company. Insider jobs can be terribly damaging, precisely because it’s never random. As they have inside knowledge, they know exactly the worth of the items in your business. Commercial insurance can again help mitigate the loss brought about by theft.
Protect Your Business from Employee Injury
The ideal scenario is that everyone works safely within your company property, and even outside while your employees are in the performance of their duties. However, accidents sometimes simply cannot be helped.
In the event that something untoward happens to your employee, whether inside your property or outside the promises during work hours, you need to be ready with workers’ compensation. Most likely, the injured employee will file a claim to help them with their medical expenses, especially because they were injured while working for your business.
Depending on the severity of their injury, the cost may end up becoming a huge amount, especially if there is long-term rehabilitation or therapy required. Commercial insurance in this case is a great protection for your company, because then you won’t have to shell out money out of pocket.
Understandably, these things can be overwhelming, especially for a new business owner like yourself. In any case, make sure to consult with a professional insurance agent specializing in commercial insurance so you would be guided accordingly.