Four myths about commercial insurance in small businesses. One of the ways to fulfill the American dream is to have your own business. For this reason, many people work hard to open a small business and thus begin to travel the paths of prosperity. Around small businesses, there are different myths that we intend to dismantle.
- Home-based businesses do not require insurance
Typically, homeowners have homeowners insurance that covers damage to their structures and systems. But that insurance does not cover anything related to a business that takes place there. If you store your raw materials or meet with your clients at home and a robbery or accident occurs, home insurance will not cover you. You must take out a commercial policy so that you are covered for all the risks related to the activity you carry out.
- Small businesses do not need commercial vehicle insurance
That is another very common mistake. There are owners of small companies – cleaning, painting, or electricity – who need a commercial vehicle and, however, do not insure it, thinking that private coverage is sufficient. It is not so, if the vehicle suffers an accident, or an act of vandalism and it lacks commercial coverage, the private insurance will not be responsible.
- Commercial insurance covers flood damage
Don’t fall into that trap, much less if you have your business in Florida. If your business is in an area prone to flooding, you should have a flood policy to protect you in the event of a rising sea or major flooding. Commercial insurance does not include that policy automatically.
- My company is so small that it does not need insurance
In this case the size does not matter. All businesses, no matter how small, need insurance. Even very small companies are the ones that are most exposed to any financial stress. Think about how much medical treatment might cost for someone who is injured by your business.
Instead of continuing to repeat these myths, put yourself in the hands of a commercial insurance specialist from Univista Insurance and he will help you prepare an insurance package with everything your business needs to face the different risks associated with your activity. Four myths about commercial insurance in small businesses.