It’s a business owner’s worst nightmare: getting sued and going bankrupt because they didn’t have business insurance. But insurance isn’t avoiding lawsuits, it can also help protect your company from financial disasters, such as natural disasters or employee theft. In this blog post, we will debunk some of the most common myths about commercial insurance that is often passed around in small business circles.
What is business insurance?
Business (aka commercial) insurance is a type of insurance that business owners can purchase to protect their business from financial losses. This type of insurance can help protect business owners if their business gets sued, experiences a natural disaster, or has its assets stolen by employees.
Myth #01: I don’t need insurance because my business isn’t big enough.
One of the most common myths about insurance is that it is only for businesses that are large and have a lot of assets. However, this is not true! Commercial insurance can be purchased by any size business, regardless of how much assets they own. In fact, small businesses are more likely to experience a lawsuit or a natural disaster than larger businesses, so it is important for business owners to purchase insurance regardless of their business size.
Myth #02: The cost of business insurance is too expensive for my business.
Another common myth about insurance is that the costs are often prohibitively high, especially for small businesses or startups with low budgets. However, this does not have to be the case! There are many ways that you can reduce your premiums by increasing deductibles and other risk-mitigation strategies such as smoke detectors to get a better rate on commercial insurance policies.
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Myth #03: My company’s assets cannot be covered under any policy because they aren’t valuable enough.
Many business owners assume that there isn’t a point in purchasing business property coverage unless it is something extremely valuable. Business property coverage does not have a cap on the value of assets covered under the policy. This means that business owners can purchase insurance policies to protect their company’s equipment and other assets even if they are inexpensive or don’t amount to a sizable number in terms of monetary worth.
Myth #04: My business is too small for insurance, so I shouldn’t bother getting it at all.
Many people assume that since their business is small and doesn’t own much in terms of valuable assets, then there isn’t any point in purchasing insurance because it will cost them money but won’t provide anything useful as far as coverage goes. However, this myth couldn’t be further from the truth! If your business has any valuable assets, then you need insurance to protect them if something happens. Furthermore, small businesses are more likely to experience a lawsuit or a natural disaster than larger businesses, so it is important for business owners to purchase commercial insurance regardless of their business size.
In conclusion, these are just some of the most common myths about insurance. Business owners should do their own research to determine what type of policy is best for their individual business and its needs. However, by debunking these myths, business owners can start off on the right foot with regards to understanding insurance and making an informed decision about whether they should purchase it for their company.
If you want to discuss options for business insurance, please call us at 561-732-9305. Our quoting hours are Monday through Friday from 8:30 AM to 5:00 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!
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.