Sherzer Insurance Blog
Business owners now living in an exciting time brought by the once-in-a-century pandemic. Consequently, many entrepreneurs are facing so many challenges to make their businesses suit the new normal. However, this crisis also offers business owners the opportunity to redesign their business models.
As a business owner, you should also ponder protecting your business from the risks associated with your everyday operations. All companies, regardless of size, are vulnerable to a variety of threats. Some of which has the potential to put you out of business. And the best protection that you could get for your business is commercial business insurance.
Here are three types of commercial business insurance which are essential for small businesses:
Commercial Property Insurance
This type of commercial business insurance can provide financial coverage for your business' physical assets. This insurance policy can protect the building, business equipment, inventory, outdoor sign, and other business properties.
Commercial property insurance can shoulder the cost of replacing or repairing your damaged or destroyed business property if the cause is among those covered in the policy. If your rented building got destroyed by a fire, your insurance policy could pay for repairing the damages.
If one of the building's water pipes burst and damages your office computers, commercial property insurance can cover the replacement costs. If someone broke into your office space and stole your business inventory, your insurance policy can also provide financial coverage.
Commercial property insurance is ideal for home-based business owners. This insurance policy offers broader coverage than home insurance.
Commercial General Liability Insurance
Commercial general liability insurance is another crucial insurance policy that small businesses must-have. This insurance policy can provide coverage from claims against your company, such as property damage, bodily injury, advertising mistakes, and libel and slander.
Like any other business, small businesses can face claims of property damage or bodily injury because of their normal business operations. Small businesses are more vulnerable to these claims compared to larger companies. Paying for these kinds of claims could drain your business funds if you do not have commercial general liability insurance.
For example, you are operating a store wherein you receive many customers every day. If someone visiting your store stepped on the wet floor, he fell and broke his arm. Your commercial general liability insurance can cover the other person's medical expenses.
Another example is the owner of a home service business. A client called for home service, and you sent a worker to the client's home. Suppose your worker, while doing his job, accidentally damaged the windows at your client's house. In that case, the commercial general liability insurance can pay for the costs associated with repairing the damaged windows.
Whether big or small, any business often faces risks as they go through with their everyday operations. However, small companies cannot match the resources that large companies have to mitigate these risks. The best defense of small businesses against these risks is getting the right commercial business insurance coverage for their business line.
At Sherzer Insurance Agency, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (239) 673-9301. You can also request a free quote by CLICKING HERE.