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Exposing Some Frequent Myths Concerning Commercial Insurance

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There can be a number of risks involved with starting your own company. Unfortunately, many individuals will not focus on the critical role of commercial insurance. If you have not given this aspect of your enterprise much consideration, it may be easy to believe some of the more common notions about commercial insurance policies, and having these three myths refuted will help you to make better decisions about insuring your business.

Myth: You Only Need Commercial Insurance If You Have Employees

There are many individuals that make the critical mistake of assuming that commercial insurance is not needed for companies that only consist of a single person. Often, this belief stems from the notion that commercial insurance is only for those needing to provide worker's compensation coverage. While this is among the essential types of coverage that can be offered by these policies, it is not the only protection that you may enjoy. For example, commercial insurance can also protect you in the event that you are sued by a client or customer.

Myth: Commercial Insurance Only Protects You Against Lawsuits

The threat of lawsuits is one of the more serious risks that new businesses must minimize. However, this is not the only way that a commercial insurance policy can protect your enterprise. It is likely that you have numerous supplies, tools and other equipment that is needed for your business to operate. If there were to be a fire or flood, you may find that your equipment and supplies are destroyed. Having a commercial insurance policy will compensate you for these lost supplies. In addition to covering these damages, there are some commercial policies that will compensate you for the time that your enterprise is closed for repairs. However, the exact offerings can vary from one policy to another, which is why you should compare offerings from several providers before making your choice.

Myth: Commercial Insurance Coverage Is Too Expensive For Small And New Businesses

While the protection offered by a commercial insurance policy can be vital, the thought of paying for this insurance may be somewhat stressful to new and small business owners. However, you should be aware that the cost of your insurance policy will be able to be deducted from your end of the year taxes. This will help to offset the inconvenience that this expense may cause. Additionally, you may be able to secure lower premiums by bundling the commercial policy with your auto or home insurance. For more information, contact a business such as Bennett Agency.


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