You most likely have car insurance for your vehicle, home insurance for your house, and health insurance for your family. Therefore, it also makes sense to carry commercial insurance if you run your own business. However, many small business owners prefer not to purchase commercial insurance, thinking that it is unnecessary. If you are one of them, Richard Zeises Agency, serving Jenkintown, PA, prepared a list of risks you face if you do not carry business insurance:
- Failure to protect your employees. Workers’ compensation is the type of policy designed to protect employees if something happens to them in the workplace, and they cannot work for a while. Moreover, workers’ compensation is also mandatory in the state of Pennsylvania. If you decide to take a risk and operate your business without it, you violate the state law, and you put your employees in danger.
- Financial losses. If something happens with your business, you will be financially responsible for covering all the damages. For example, if there is a fire in your restaurant’s kitchen, you will have to pay for all the repairs and purchasing new appliances yourself. It is much better to have commercial insurance that will cover all the expenses if something unpredictable happens.
- Risk of losing your commercial property. If you do not have adequate business insurance, you are also risking the loss of your commercial property and assets if there is fire, flood, theft, vandalism, or any natural disaster.
The above are just a few most common risks that business owners may face if they decide not to purchase business insurance. If you are thinking about getting a policy and you need some help, Richard Zeises Agency, serving clients in Jenkintown, PA, and other surrounding towns, is always ready to assist you. Do not hesitate to give us a call and talk to one of our highly qualified insurance agents, who will answer all your questions.