Debunking Business Insurance Myths to Reveal the Truth Behind Them

15 Feb Debunking Business Insurance Myths to Reveal the Truth Behind Them

A business insurance policy is an essential component for running your business smoothly and peacefully. Unfortunately, there are a lot of myths circulating about business insurance that could stop business owners from getting coverage. So, we’ll be clearing some of the most common myths about business insurance to help you understand the facts.

Homeowners Insurance Covers Home-Based Business

Homeowners insurance is designed to cover your home and personal property, not your business or its contents. This means that if something happens to your business property, such as theft or damage, it won’t be covered by your homeowners insurance. Even if you use your personal property, such as furniture and electronics, for business purposes, damage to them will not be covered by your homeowners insurance. So, if you run a home-based business, you’ll need to get a business insurance policy to cover it.

Another important thing to note is that homeowners insurance only covers liability issues that occur on your property. If you run a home-based business, you may need additional coverage to protect you from liability claims related to your business operations and products.

Business Insurance Is Pricey

Many factors go into the cost of business insurance, including the type of business you run, the amount of coverage you need, and the insurance company you choose. The best way to save money on business insurance is to get multiple quotes from different insurance companies. This will allow you to compare prices and coverage options and choose the best policy for your needs. You may also be able to save money by increasing your deductible or by taking advantage of certain discounts offered by insurers for bundling policies or running low-risk businesses.

My Business Is Too Small to Get Sued

Many small business owners believe that only big companies get sued. However, small businesses are just as vulnerable to lawsuits as large companies. In fact, small businesses are often targeted by plaintiffs who believe they can get a large settlement. It’s important to understand that any business can be sued, regardless of size. This is why it’s important to have the right business insurance in place. Business insurance can provide financial protection in the event of a lawsuit, protecting your business from the potential costs of a legal battle.

I Don’t Have a Physical Business Location, So I Don’t Need Insurance

Even if you don’t have a physical location, you may still need business insurance. This is because you will be responsible for the business-related risks or damages that occur outside your premises. For example, if you offer services or products online, you may need professional liability insurance to protect you from liability claims related to your services or products. You may also need liability coverage if someone is injured by an accident involving your business vehicle or if your business is sued for libel or slander.

Business insurance is essential for any business owner, so don’t let myths prevent you from buying one. Moreover, now you know the truth about business insurance, so you can make an informed decision about the coverage you need.

Cover Your Business with KSD Insurance

At Kevin S. Dougherty Insurance, we offer best-in-class business insurance that protects your business from liability claims, property damage, advertising injuries, and other potential risks. Contact our insurance professionals, Kevin or Marci, today to get started on your personalized business coverage.