If you own a business, chances are you’re already fully aware of how important it is to protect your company. Still, when it comes to business insurance, there’s a lot of misinformation floating around. Considering all the business insurance options available today, knowing what you need can be overwhelming, and myths can cloud your judgment.
Below, we bust five of the biggest misconceptions about business insurance so you can make the best, most informed decisions and have peace of mind, knowing you’ve got the protection you need.
Many small business owners think they don’t face the same risks as larger companies. In reality, all businesses, no matter the size, are exposed to risks including property damage, liability claims, and employee injuries. In fact, small businesses are often more vulnerable to these risks because they may not have the resources to recover from a major incident.
General liability insurance is a must-have for any business, but many people believe it covers everything from property damage to lawsuits. While general liability does protect against claims of bodily injury and property damage, it doesn’t cover everything.
The fact is that general liability insurance doesn't cover certain risks, like employee injuries (which require workers’ compensation insurance), or damage to your own property (covered under property insurance). That’s why you need a combination of insurance policies to keep your business protected.
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Far too often, small business owners avoid purchasing insurance because they think it’s too expensive. But the cost of insurance is far less than the potential financial impact of a major loss. Insurance premiums can be surprisingly affordable, especially when you work with an independent agent who can help you find coverage based on your budget.
Not true. Your business needs will change over time, and so will risks.Whether you’re adding new employees, expanding your operations, or introducing new products, your coverage needs to grow with your business. We recommend reviewing your business insurance regularly. A trusted insurance agent can help you adjust your coverage so you're fully protected as your business grows.
Why you need insurance for your small business
Business risks like cyberattacks and natural disasters aren’t always visible or even predictable. Today, as cyber criminals become more prevalent and weather becomes more unpredictable, business owners need a plan that covers multiple risks. Don’t be surprised by the unexpected.
Knowing what’s myth and fact about business insurance is important, whether you're a small business owner or the CEO of a large company. By working with a trusted insurance agent, you can tailor a plan that meets your specific needs and safeguards your business against the unknown.
Don’t wait for the unexpected to happen—let the team at Roehr Insurance make sure your business is properly protected.
