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Entrepreneurs put a lot of time, money, and energy into their businesses, which is why they need to protect their investments. Almost every company experiences a financial loss at some point, but having commercial insurance can compensate business owners in most of these instances. Continue reading to learn how purchasing commercial insurance can potentially save you money and protect your business.
1. Liability
Small and large businesses are at high risk of being sued for slander, property damage, customer injuries, and more. Purchasing commercial insurance could help you pay for the legal and medical costs your company might incur as a result of a lawsuit. A reputable insurance company in San Diego will help you decide how much insurance is necessary for liability protection and what your best options are.
2. Natural Disasters
Your assets could be destroyed by a flood, earthquake, or other natural disaster, and if you don’t have insurance, the damage could be devastating. In some cases, businesses without commercial insurance are forced to shut down due to the inability to replace their assets and inventory. A good insurance provider in San Diego will offer you commercial insurance that allows you to get up and running in the event of a natural disaster, especially when massive financial backing isn’t an option.
3. Credibility
If you want to expand your operations in the future and need more working capital, going to a financial institution for a loan is the next logical step. The bank will verify your assets and other factors that make your business appear credible, such as having commercial insurance. San Diego business owners who purchase commercial insurance are showing lenders they’re invested in their businesses and want to see them succeed. Having commercial insurance also indicates there are compensation options in place to protect their companies in the event of financial losses.
4. Employee Protection
One of your business’s most valuable assets is its employees. Without competent, hard-working staff in place, the company would struggle to function correctly. Therefore, you should protect your team members by obtaining workers’ compensation insurance. If your employees are hurt, become disabled due to a work-related reason, or file a lawsuit against your management team and other employees, the insurance policy could potentially cover most of those expenses.
5. Theft Replacement
Even with excellent security measures in place, businesses can become victims of external and internal theft. Replacing equipment and paying for building repairs can be costly, but commercial insurance can cover most of these expenses, regardless of how small or large the theft may be. Shutting down your business to repair damages or replace stolen inventory can be a major setback, but commercial insurance could help your business recover quickly.
6. Contractual Requirements
Some partners may request that your company purchase commercial insurance before they will agree to go into business with you and other associates. Building owners may also require you to have commercial insurance before they lease space to your company. If you plan to hire freelancers and people to fill different contract positions, it’s a good idea to purchase commercial insurance in case things don’t go as planned.
If you need high-quality, reliable commercial insurance, call on the experienced team at Altra Insurance Services. We provide a variety of insurance products, including business, homeowners, motorcycle, and auto insurance Chula Vista. No matter what your insurance needs are, we can help. Call one of our friendly agents today at 619-474-6666.