You probably already have your plate full if you are a small business owner. However, you still need to ensure you have enough coverage to protect yourself and your business. Taake Insurance Agency in Columbia, IL offers commercial insurance, including property and liability risks. You may be able to bundle products to save money, depending on the coverage you need.
While certain businesses must have workers’ compensation, Illinois does not require general liability and other business policies. However, there are at least five reasons it makes sense to get it.
1) Protects Your Physical Location
If you own a commercial building, you’ll want to protect it in case of vandalism or fire. Work with your agent to find the property coverage you need.
2) Covers Business Equipment
Many businesses invest a significant percentage of their budget in equipment. Whether you have expensive refrigeration units or equipment needed to complete work orders, repairs and replacement costs can derail your entire year. Therefore, you may want to add equipment coverage to your policy. Remember that business insurance typically doesn’t cover regular wear and tear on equipment.
3. Handles Non-employee Injuries on Your Premises
If you or an employee slips and falls on the job, you’ll have to rely on workers’ compensation to cover the claim. However, if a customer, client, or guest falls on a slippery floor, your commercial insurance will probably handle the medical and legal expenses. Talk to your agent to ensure you have sufficient liability protection in place.
4. Covers Injuries in Case of Business Product Defects
Whether you sell food, kitchen gadgets, or cars, product liability insurance baked into your commercial policy can protect you in case of product-related injuries. Gadgets and gizmos are great, but there’s always a chance someone could cut their finger on a sharp edge or get sick after eating at your restaurant. With the right insurance, you won’t have to worry about footing medical bills and damages out of pocket.
5. Guards Against Business Interruptions
Business interruption insurance can keep you afloat if you have to shut down due to unforeseen circumstances. Covered events might include natural disasters or fires. To purchase business interruption insurance, you must first have a commercial insurance policy.
Contact Taake Insurance Agency in Columbia, IL for more information on commercial insurance.