When you’re running a small business, you want to lower your expenses any way you can. One place you don’t want to cut is in your commercial insurance.
Thinking good thoughts and relying on luck to keep your business safe won’t protect you. Bad things can happen to the best business owners.
There are numerous things that can happen in almost any business that you just can’t prepare for without commercial insurance. What happens if you accidentally put in the part wrong on someone’s washer or dryer, resulting in water damage or fire to their home? Or if someone who works for you gets hurt when they slip on a patch of ice you missed on the sidewalk? Or what if a car crashes through your building and the driver is uninsured?
Commercial insurance can be a lifesaver in these and a multitude of other situations that might befall your small business. Commercial insurance can cover a business owner’s property, assets, and income against some losses. Typically, there are three types of coverage in commercial insurance policies: general liability, business interruption, and business property coverage.
General liability coverage in commercial insurance typically covers you if a customer is injured on your business site resulting from your negligence. It will typically cover at least part of their medical costs and may cover part of your legal expenses if you’re taken to court over an accident at your business. Usually, you will have a limit on this coverage. Then, if the cost of, say, the medical bills of someone injured at your business exceeds this limit, you may have to pay the rest out of your pocket.
Business property coverage in commercial insurance will protect your property whether contents, building (if you own it), or both against any perils that are covered. Fire or theft are two of the main areas covered in this kind of policy. You will have deductibles and limits in this kind of commercial insurance. This means you may have to pay out of pocket if limits are reached. You will pay deductibles if they’re included in your policy.
Business interruption coverage is another type of commercial insurance. This insurance will help you recover at least some lost income and/or increased expenses if your business suffers from a covered peril. There typically are limits that will be a dollar amount or a time period.
This information about the benefits of commercial insurance has been brought to you by Corriveau Insurance Agency. We’re an independent insurance agency in Nashua, NH. We’re a family owned business since 1912. Call us for a review of your insurance needs. Call 603-883-5528 today!
