Misconceptions about business insurance can make it difficult for new business owners to make good insurance choices. At Taake Insurance Agency, we’ll help separate fact from fiction concerning commercial coverage so you can obtain the protection your Columbia, IL business needs. Here are some misconceptions you should be aware of when purchasing your business policy.
Misconception: Small Businesses Don’t Really Need Insurance Protection
If you think your business assets aren’t large enough to warrant commercial coverage, think again. Commercial insurance offers extensive protection for a small business ranging from property insurance to protection for business equipment, inventory, loss of revenue, liability claims and more. If your company is struck by a major disaster, it could affect every aspect of your business, leading to devastating financial loss. By compensating you for disaster damage, commercial coverage can help you recover your losses and move on.
Misconception: Home Businesses are Protected by Home Insurance
Your homeowner’s insurance is designed to protect your home and personal possessions, not your business. If your home business makes use of business equipment such as computers, fax machines, printer, office furniture, etc., you need commercial property insurance to protect this equipment from harm. If you receive clients in your home, commercial liability will protect you against liability claims that may arise if a client is hurt while visiting your home for business purposes.
Misconception: Personal Auto Insurance Covers Your Personal Vehicle When Used for Business Purposes
Personal auto policies protect you when using your car for personal use. If you have an accident when using your car for business, your insurer may not cover your loss. If you’re going to use your vehicle for business purposes, obtain commercial auto coverage to protect you against accidents on the job.
To learn more about the protection that commercial insurance provides, contact Taake Insurance Agency in Columbia, IL.