Commercial insurance is vital to protect your business. Many misconceptions about commercial insurance can lead business owners to make costly mistakes. We’ll debunk seven common myths about commercial insurance.
Myth #1: Commercial Insurance Is Too Expensive
Many business owners believe commercial insurance is too expensive, so they opt not to purchase it. However, the cost of commercial insurance can vary depending on the type of coverage needed, the size of the business, and the level of risk involved. In many cases, the cost of commercial insurance is much less than that of an unexpected event that isn’t covered.
Myth #2: Small Businesses Don’t Need Insurance
Some small business owners believe that insurance is only necessary for large corporations. However, small businesses are just as vulnerable to unexpected events as large corporations. A single lawsuit or property damage claim could be enough to bankrupt a small business.
Myth #3: All Insurance Policies Are the Same
Insurance policies are not one-size-fits-all. Different policies provide different levels of coverage for varying events. Working with a knowledgeable insurance broker who can help you find the right policy for your business is essential.
Myth #4: General Liability Insurance Covers Everything
General liability insurance is essential for all businesses, but doesn’t cover everything. It only covers personal injury, property damage, and bodily injury claims. It doesn’t cover professional errors or omissions, data breaches, or employee injuries.
Myth #5: Workers’ Compensation Insurance Isn’t Necessary for Office Workers
Workers’ compensation insurance isn’t just for employees who work in high-risk jobs. Office workers can also be injured on the job and may need workers’ compensation to cover medical expenses and lost wages.
Myth #6: Insurance Companies Will Always Pay Claims
Insurance companies are interested in making a profit, so they may try to avoid paying claims. Working with an insurance broker who can help you navigate the claims process and ensure you receive the coverage you paid for.
Myth #7: Insurance Isn’t Necessary If You Have a Good Safety Record
Accidents can still happen even if your business has a perfect safety record. Insurance is a safety net that can protect your business from unexpected events beyond your control.
Contact Get Insurance Pros to learn more about our commercial insurance coverage and how we can help you protect your business.