If you are a business owner in Okeechobee, FL, it might be challenging to unravel the amount of commercial insurance you need and the coverages suitable for your business. Unfortunately, this decision isn’t made easier, given the common myths surrounding the business insurance topic. Thankfully, Pritchards and Associates Inc. is here to help you cut through the noise. Today, we are here to debunk the four common commercial myths to help you make an informed decision when shopping for coverage.
Myth #1: Small businesses don’t need commercial insurance
If you hear anyone say that small businesses don’t need commercial insurance, run in the opposite direction. The truth is that small businesses need commercial insurance because one unfortunate incident can grind your business to a halt.
Small businesses operate on a tight budget. The resources are limited. As such, it would be difficult to bounce back after a peril that affects your finances.
Myth #2: Commercial insurance covers everything
While commercial insurance protects you against many perils, it doesn’t cushion you against all risks. For instance, commercial insurance won’t protect your business when floods strike. In such incidences, you need a stand-alone flood insurance policy to safeguard your business.
Given this reality, read your policy carefully to understand what’s covered and what’s not. The devil is in the details of the fine print!
Myth#3: Commercial insurance isn’t necessary for your home-based business
Working from home presents an unbeatable experience — enjoying the convenience and comfort of your home while making money. However, when it comes to insurance, home insurance doesn’t protect your home-based business optimally. Home insurance protects your home structure and other home-related facets, but you need commercial insurance for aspects pertaining to your business.
Myth#4: Personal auto insurance covers your business vehicles
You need commercial auto insurance for your business vehicles, even when using your personal car to run business errands. This way, your car and driver will be protected when your car gets an accident in the course of your job.
Would you like to learn more about commercial insurance in Okeechobee, FL? Please contact Pritchards and Associates Inc. to help you debunk common commercial insurance myths.