In today’s atmosphere, business insurance is a must, but many owners are unaware of the fundamentals of this sort of policy, such as why it’s important, what it covers, and how to get the correct coverage for yourself and your company. Here are four typical business insurance myths, as well as the myth-busters you should be aware of.
Myth: All you need is a basic policy.
Truth: This may be the case for a few business entrepreneurs. However, every firm is different: some may rely on incredibly valuable equipment or inventory, others may deal in sensitive data, and still, others may be more likely to be sued. It’s critical that you comprehend how typical insurance will or will not function for your own organization and situation. Then, with the help of an independent insurance firm like ours, you can figure out the best ways to fill in the gaps.
Myth: If you or your workers drive their own cars, you can avoid purchasing auto insurance.
Truth: Having a car insurance policy is a must if you or your staff drive for business purposes, whether you have one or numerous designated business vehicles. Accidents or injuries that occur while doing business are unlikely to be covered by your standard auto insurance policy, so don’t overlook this crucial coverage if it applies to what you do.
Myth: If you don’t have staff, you don’t need business insurance.
Truth: Having business insurance is a must for any serious business owner, whether you manage a workforce of 5 or 15, or you’re a one-man or woman show. Many of the hazards that come with running a business are simply not covered by standard homeowner’s insurance. If you’re an independent contractor working in a high-risk field like contracting, you’ll need specialist coverage to protect yourself and your clients.
Myth: Commercial insurance is prohibitively expensive.
Truth: On the contrary, business insurance may be very reasonable, and it’s a little thing to pay to secure your livelihood and the firm you’ve worked so hard to develop. A well-rounded insurance coverage will provide you peace of mind, allowing you to focus on your goals.
Please call our office today if you need to make any changes in your insurance program. We are committed to providing clients with the highest quality insurance plans available combined with some of the lowest possible rates. Whether you are shopping for auto insurance, home insurance, life, or business insurance, we can help you obtain the best coverage available with the lowest rate possible.
Through our relationships with many A-rated national and regional insurance companies, we provide a comprehensive array of insurance products for a variety of personal and commercial clients. Allen & Furr Insurance & Wealth Management represents a carefully selected group of financially strong, reputable insurance companies, therefore, we are able to offer you the best coverage at the most competitive price.