Owning a business of any size is risky, but small businesses are particularly vulnerable to a variety of different hazards. Being able to survive something going wrong can really depend a lot on whether or not you have the right commercial insurance to protect your small business. At Walker and Associates Insurance Agencies Inc in Fillmore, NY we work with our customers to customize a commercial policy that fits their business.
How commercial insurance can save a small business
When a covered hazard hits your business location, whether you own it or rent it, you need to have the ability to do business. It doesn’t matter if you are a small factory owner or an electrician, you need what it takes to operate. This can be your tools, machines, office equipment, raw materials, and inventory. If you own the building that is covered, even if you rent, you need what you use. You could lose your business without commercial property insurance.
One of the biggest dangers to small businesses is being sued. Small businesses are easy targets for legal actions and about a third of all businesses are sued every year. With commercial liability insurance, you will be able to pay a judgment against your business and have the money to pay for legal representation. If you don’t have commercial liability insurance you might not have enough money to survive a lawsuit.
When something happens to your business, that means that you won’t be able to do business for a time, you may not have enough savings to be able to survive with no income coming in. Just because your income goes away, your bills don’t stop coming in. With business interruption insurance, you will be able to meet your obligations if your hazard is covered.
Contact Walker and Associates Insurance Agencies Inc in Fillmore, NY when you need to discuss your small business insurance.