Owning a business comes with the freedom of being your own boss and reaping the rewards of having a service that is beneficial to others as well as making a profit. However, along with those rewards comes responsibility and one thing that you simply must have is commercial insurance. Commercial insurance for small business is not only something you need but it protects your investment.
Why Do I Need Commercial Insurance?
Sure, part of doing business is making sure you follow all of the regulations and insurance is part of that. However, it is there as a safety net for situations that could potentially bankrupt you and here are just a few:
- Customer and Employee Accidents. From a customer slipping on a wet floor to an employee cutting their hand while preparing a meal, accidents are bound to happen no matter how safe the environment is kept. Without the proper insurance, a customer can sue and collect damages enough to put you out of business in certain situations. The same thing can happen if it is an employee – even if it is not your fault.
- Theft and Vandalism. According to statistics, stolen annually from U.S. businesses by employees is a staggering $50,000,000,000. This does not even take into account break-ins, burglaries, or robberies. Even a break-in where nothing was taken but vandalism occurs costs money – there is downtime while cleaning up, the cost of repairs, and worst of all, that feeling of your business being violated. While insurance won’t take away that feeling, it will definitely help defray the costs.
- Damage to the Business. Whether it’s lightning, fire, flooding or frozen pipes – commercial insurance helps protect your business from the costs involved in making repairs after Mother Nature strikes. And while nothing can prepare you for natural disasters, at least you can rest easy knowing that if the worst happens, you are prepared for it.
Commercial Insurance is More Than Just the Structure
When you think of commercial insurance, you might be picturing in your head, insurance that protects your business from fire, theft, or structural damage from acts of nature. While that is true, that is just a fraction of what commercial insurance does. Here are a few other ways that you are protected.
- General Liability Insurance. This is the broader spectrum of insurance that provides coverage for your business and its activities.
- Commercial Property Insurance. Your business property needs coverage just as much as your home or automobile.
- Business Auto Insurance. If your business has anything from one delivery vehicle to a fleet of vehicles, you must have business auto insurance in order to protect your business from situations due to accidents with the vehicle. It protects employees, pedestrians, drivers, and passengers when your company or the driver for your company is liable.
- Commercial Umbrella Insurance. This is a specific insurance that protects against catastrophic losses and helps against lawsuits and the exorbitant costs that comes from one.
- Workers’ Compensation Insurance. Insurance coverage that helps you take care of your employees and ensure that you are protected against lawsuits for injuries while at work.
- Bonds. This insurance is to protect your assets with financial backups for promises made by others.
- Employment Practices Liability. This is insurance specifically tailored to cover your business if discrimination, sexual harassment or wrongful termination claims are made by present, former or future employees.
There is a myriad of situations that calls for specific needs when a blanket type of coverage is not enough. This is why it is so important to talk to us in order for us find the right coverage for your business needs. We customize your experience so that you have the coverage you need at a price that is comfortable to your financial situation.
To learn more about how we ensure your business right down to the smallest detail, contact us and let’s talk.
Robert Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.