The Perks of Commercial Insurance If you own your own business, you probably know better than anybody else how much it is worth to you. You have likely spent thousands of hours making sure that it’s running properly. And while the fight to stay profitable is part of the business culture, it’s truly heartbreaking to see a business fail due to circumstances that could have been avoided. With the right commercial insurance plan, you can rest easy knowing that while it’s your responsibility to hit your sales goals, your business is protected from things that are outside of your control. If you don’t have commercial insurance, here are some reasons why you should consider it.
Protection from Physical Damages The most basic of the threats your business can face is physical damage. Whether it’s faulty wiring or rusted pipes in your building, an unfortunate number of business owners have arrived at work to see the destructive effects of a fire or a pipe bursting overnight. For a fledgling business, a disaster of this magnitude can often mean setbacks that have the potential to end in failure. Commercial insurance plans offer property insurance, which can protect not only against damages done to the property, but also to your inventory.
Protection from Liability Since liability is more complex of a concept than physical damages, some business owners consider it to be less important. Nothing could be farther from the truth. Many business owners don’t realize just how quickly a liability lawsuit can wipe out their business. All it takes is one customer who injures him or herself on your premises, and the following legal action could require you to pay hundreds of thousands, perhaps even millions of dollars in damages. Unless of course, you have purchased commercial liability insurance with a solid umbrella policy. So don’t underestimate your need to protect against liability.
Protection against Auto-Related Damages If your business utilizes one or more vehicles, commercial car insurance will protect them in the event of a collision. However, commercial auto insurance is essential because of a factor that many business owners do not realize. If you are driving your personal vehi cle for a business-related reason, your personal car insurance will often not be able to successfully defend your business. For that reason, you
need to make sure that your commercial auto insurance is properly in place so that you and your business are protected if you are involved in any sort of accident while using a vehicle on company time. Commercial insurance can sometimes just seem like one more bill that needs to be paid. However, the peace of mind that you feel when you know that your business i s protected is priceless. So if your business needs commercial insurance in San Pedro, California, then sign up for commercial insurance as soon as possible. Photo Credit: http://ioanalazarov.com/, http://highschoolpersonalfinance.wikispaces.com/