Run a Small Office? Why Commercial Insurance is Vital to Your Business

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As a small business owner, you may think your business is not big enough or not at risk enough to warrant carrying business insurance. You’re not alone. Many small business owners or self-employed professionals do not feel they need coverage or feel it’s too expensive, they think their home and auto insurance is enough or for some, they haven’t even thought about it.

If you are running a small office – even if it’s only you and a few others – like an accountant, mortgage broker or real estate agent, your business has risks. If you are a local dentist, you likely have malpractice insurance, but there are other risks your business faces.

Keep this in mind: No matter how small your office or how risk-free you believe your services are, you will benefit from having some form of business insurance. Every business carries some form of risk, whether foreseeable or not. Consider some of the following:

Property damage

Nature is unpredictable – never more so than today – and natural disasters such as floods, fires, and storms can create significant damage to property. Protecting your business from the costs of repairs is critical to maintaining your operations.

Business interruption

Significant damage to your property can also cause an interruption in your business activities, resulting in lost income. With the right coverage, you can protect yourself from these losses.

Third-party injury

Slips and falls are the most common cause of injury in the workplace. If someone is injured while visiting your office, you are responsible for their legal and medical bills should they sue.

Other lawsuits

In addition to physical injury, you could be vulnerable to liability claims relating to the products or services you provide. For example, product defects, coding errors, or even bad advice that result in damage or harm to someone else, whether physical or financial, could result in a lawsuit that could cripple your business.

Cyber attacks

Cybersecurity is a major issue these days. But it’s not just the high-profile companies you hear about in the news that are targets. Small businesses are at risk as well…and are more vulnerable as they tend to have fewer security measures in place (if at all) and less sophisticated computer systems. With more staff working from home, the risks are even greater with less-secure home networks, computers being portable and vulnerable to theft, and the use of public Wi-Fi.

Commercial insurance is not a one size fits all coverage. Just as your two-person real estate office differs from the national brokerage across the street, so too should your insurance coverage. Consider what risks your business has or might potentially have and then talk to an Insurance Broker, who can review your particular needs and advise you on what types of coverage are best suited for your business. They also have access to multiple carriers to provide you with the best coverage at the best rates and are there for you when you need to make a claim.

Don’t let the unexpected damage your business. Protect your business and your livelihood with commercial coverage.

Let us help you protect what matters most. At Bespoke Insurance, we tailor your policy to your specific needs. Contact us today for business  insurance advice, to review your existing policy or for a quote.


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