If you are wondering if your small business needs commercial insurance, the answer is probably yes. 44% of small business owners don’t have any business insurance. Choosing commercial insurance can be confusing, but Knippenberg Insurance Inc. can help you determine what’s best for your business in Cumberland, MD.
Why Do Small Businesses Need Commercial Insurance?
Insurance is designed to protect your assets from the unexpected. Commercial insurance can protect your business from liability claims and property damage. Each year, between 36%-53% face some litigation. A judgment against you can put your business and your personal assets at risk.
It’s also important to protect your assets from damage and theft. Business assets can be expensive, and you may not have the money to replace them in the event of a loss. This includes the building where you conduct business, inventory, and equipment related to your business.
Common Types of Insurance for Small Businesses
General liability insurance is a policy every business owner should have. This protects you from litigation or liability if your business causes property or bodily damage to a third party. This includes your products, services, employees, and yourself. It only covers accidental damage to protect you from any intentional harm caused by your business.
Property insurance offers liability protection and protection for your assets. This includes your property and assets on your property. If your business is home-based, your homeowner’s policy may not provide complete protection for your business assets.
Commercial Insurance at Knippenberg Insurance Inc
At Knippenberg Insurance Inc in Cumberland, MD, we offer many commercial insurance policies. Our agents will speak with you about your business needs and select the right policies for your business.
Whether you are establishing a new business or you are a business owner with some experience, you need to have commercial insurance to protect your business and the assets. However, choosing the right coverage might not be easy because not all insurance plans can meet your business and personal needs. In order to help you to make the right decision, Knippenberg Insurance Inc. serving Cumberland, MD has prepared the list of tips on choosing perfect commercial insurance:
Evaluate Your Needs and Risks
The first thing you should do when shopping for commercial insurance is evaluating your risks and needs. For most businesses, basic liability insurance is enough. However, there are certain industries where additional coverage is needed. For example, if you are an owner of a tech or computer company, you might need more cyber liability coverage. Therefore, determine what exactly you need and how high the risks are, and pick an insurance plan accordingly.
Compare Different Policies
One of the most common mistakes among business owners shopping for commercial insurance is that they pick the first plan they like. It is highly recommended to compare several plans, analyze their advantages and disadvantages, and not to rush with the final decision.
Talk To An Agent
Choosing commercial insurance might be quite confusing, especially if you have never done it before. Therefore, it is worth talking to a professional and discussing all the available options. You can always consult with an independent insurance agent who will help to tailor an insurance plan to your specific needs and budget. Additionally, an insurance agent will answer all your questions and clarify the things you may not understand.
If you are a business owner from Cumberland, MD, and you are shopping for business insurance for your company, Knippenberg Insurance Inc. is ready to help. Call us today to talk to one of our experienced insurance agents and ask the most troubling questions.