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There are some misperceptions that if a business does not own the property from which it conducts business, it either has a no need or far less of a need for business insurance. Nothing could be further from the truth.
While it may be true that if you rent your business space you will not need insurance on the actual property, there are multiple reasons business insurance is still critical. Here are a few of them.
Your business is at risk for a liability claim in the event of a business-related injury whether you own the property or not. If someone should slip and fall or an employee cause harm to someone while conducting business, a lawsuit could follow. Liability insurance can protect you from the financial damage resulting from such a claim.
If your business either owns a vehicle or vehicles or uses a car or truck in conducting business, you and your company need to be protected with commercial vehicle insurance. Your personal automobile insurance will not suffice.
Professional Liability Insurance
If your business provides professional services (legal, medical, financial) Professional Liability Insurance can cover you against claims against errors and omissions. In essence, this is professional malpractice insurance and is extremely important for those whose product is a professional service.
Business Interruption Insurance
You may not own the property where you conduct business, but if it were to be damaged or if your business was forced to cease operations for a covered calamity, Business Interruption Insurance can protect your income until you can get up and running again.
Workers’ Compensation Insurance
This provides coverage for your employees should they become injured in the performance of their work-related duties. Workers’ Compensation also provides some important protection to employers against employee lawsuits resulting from such injuries.
Home-Based Business Insurance
Even if you conduct business from home, you should consider business insurance. This will cover any business-related inventory, equipment and furniture in the event of a loss due to fire, storms, theft or vandalism. This is coverage that your personal homeowners’ insurance would not provide.
Business insurance protects far more than just the structure where a business conducts activities. It provides far-reaching protection from a variety of issues. To discuss your business and the risks it faces, contact one of our independent agents for a free business insurance quote. Protect your business and your future with business insurance for any size company.