Klamath Insurance Center, Inc Blog
Finding insurance for your small business can be tricky. You may have different assumptions about what is covered and what isn't. But when the business is at stake, you cannot take a risk. Sure, you do not want to make mistakes that could be costly to your business in the long run.
Getting the right coverage for your business can be challenging. Different misconceptions can make the process even harder. Ensure that your business will get the protection it deserves. Be aware of the prevailing myths about business insurance.
Home Insurance Covers Your Home Business
This is one of the common misconceptions about business insurance. If you are running your business or working from home, you may be surprised. Your homeowner's insurance won't provide you any coverage for business-related damages or injuries.
Your home insurance won't pay if you have business equipment like computers, printers, laptops, or fax machines. If you have damage and repair costs, You will need separate commercial insurance to cover business-related expenses.
Business Insurance Covers You Anywhere
Business insurance in another country does not guarantee you're covered anywhere else in the world. For business-related travel, you have to determine if the insurer will cover unforeseen expenses. Even if you stay in a foreign country.
Check with your insurer if they will provide protection if something unfortunate happens while you're away. Review your insurance policy if such a provision exists and what you can expect.
Are Tools Insured In Your Vehicle Overnight?
Suppose you leave your tools in your commercial vehicle overnight, and they get stolen. In that case, it is unlikely that you can recover the costs. If you have transit insurance, your tools or goods may get some coverage from overnight vehicle theft. But, there is usually a provision stating that the vehicle is left in a secured location.
If You Get Sued, You Can Close Your Business
When someone sues you, you would think that the easiest way to bail out from the lawsuit is to close your business. But, the law doesn't work that way. Even if your business stops operation, you are still responsible and will be asked to pay a settlement or judgment. Purchasing general liability insurance can protect against lawsuits.
Commercial insurance safeguards your business. From costs and expenses, you will incur from business-related accidents or emergencies. Identifying myths will help you find the proper protection that your business needs.
Business insurance is a significant investment that you should consider getting. Unforeseen business-related expenses can drain your finances.
At Klamath Insurance Center, Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (541) 882-5555. Get your free quote today by CLICKING HERE.