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Some small to medium-sized businesses may feel they don’t need commercial insurance since they don’t own the building from which they conduct business. They may feel their landlord is responsible for any damage to the building from a fire or natural disaster, and even are totally responsible for liability coverage. Nothing could be further from the truth.
First, your landlord may be the nicest of guys, but he’s not likely concerned about your inventory or liability risks. Sure, he probably will have insurance but it may only cover his structure and his interests. In fact, in many retail circumstances, the tenant may be responsible for broken window glass. But that is just the start of where you may be at risk.
Even if your landlord has liability coverage, someone slipping and falling in your store or office space can still hold you liable for injury and possibly resulting legal expenses. This risk is expanded if you manufacture a product for sale and that product ends up injuring a customer. Even a delivery person who gets injured in your space can hold you accountable.
If you have employees, they can be a liability risk when conducting business-related activities. If they use personal vehicles for business errands or delivery, you again could be held liable in an incident.
None of this even addresses the issues involved with theft, vandalism or lost inventory in a fire or other calamity. What if your computers and office furniture are lost, stolen or damaged? You also have to consider how you would cover loss of income during a period when your business may not be operating. Insurance can help you recover from the loss of digital assets.
There is much more involved in protecting your business than just the structure. When you consider all the risks involved, securing sufficient and appropriate business insurance is critical.
Our independent insurance agents will sit down with you to discuss your business and your potential risks. They can construct a business coverage plan to deliver the protection and peace of mind you deserve. Contact us today.