If you are a business owner but don't have customers who come to your location, you may wonder what kind of commercial business insurance you have to have. Today, we will go over this and fill you on what you need to protect your business.
There Will Always Be People
Even if you don't have a traditional business that sees customers on a daily basis, there will still be people visiting your establishment at one time or another.
Even without customers on-site, there are still liability risks. To mitigate this risk, you want to have the right insurance policies in place to protect your business.
If they are not customers, your business may still see construction or maintenance workers, salespeople, neighbors, contractors, and others. All of these people can potentially file a lawsuit against you if they become injured while on your property.
Property and Inventory
Your business may also house inventory, computers, and other equipment, and all of this should be adequately insured. Even without on-site customers, your business can still face a lawsuit in the case of a data breach as well, so you want to make sure you have all angles covered to protect your business.
Types of Business Insurance
Now that you understand the importance of commercial insurance, even without on-site customers, let's take a closer look at some options to consider.
- Liability Insurance: this protects you against accidents, injuries, and negligence. Even home-based businesses need this type of insurance coverage because a standard homeowner's policy will not protect you against any business liability risks.
- Property Insurance: if your property is damaged or destroyed, you will be reimbursed.
- Vehicle Insurance: if you have vehicles used for business purposes, you want coverage for damages.
- Worker's Compensation Insurance: even without on-site customers, you still have workers. This coverage is for lost wages and medical care for employees injured on the job.
- Professional Liability Insurance: this protects people in service occupations from liability and negligence while performing their duties.
- Business Interruption Insurance: this helps cover the costs of having to relocate the business, pay employees, or keep up with rent if you have to shut down the business or move because of a fire or other event.
Purchasing Commercial Business Insurance
That was just a small sampling of the types of insurance coverage options you should consider for your business. You have to determine your individual needs and then determine the best coverage for your situation.
When purchasing insurance, make sure you fully understand what is covered and what is not. A bare-bones policy may save you money upfront, but it may not be enough to cover you if there are significant damages or problems in the future.
It is also a good idea to shop around to ensure you get the absolute best rates possible. Contacting experts like those at Panorama can ensure that you have all your options explained. Professionals can also help determine your level of risk and help you nail down the best coverage for your business.