Making assumptions about your commercial insurance can leave significant gaps in your coverage. Don’t let these common myths stop you from getting the right coverage for your business. The team at Innovative Insurance Resources is here to review your policy and provide advice on how to protect your business in Honolulu, HI.
Commercial Insurance Myths
Myth #1: My Business Is Too Small for Commercial Insurance
Think you don’t need insurance for your small business? Think again. Small businesses often face the same perils as major corporations. That may include lawsuits, property damage, theft, and natural disasters. Our team can help you find the right insurance at the right price whether your business is big or small.
Myth #2: I Have General Liability Insurance. That Covers Everything, Right?
Unfortunately, that’s a mistaken assumption. General liability insurance protects your business from third-party claims of bodily injury, property damage, or personal injury. However, it won’t pay for everything that could go wrong with your business. For example, it doesn’t handle damages related to your personal property, your employees, or any professional errors that may occur. For comprehensive coverage, you need commercial property insurance, professional liability insurance, and other coverage related to your specific needs.
Myth #3: Personal Auto Insurance Covers Me At Work
Many people think their personal auto insurance will cover their vehicles under all circumstances. If you have an accident while using your car for business purposes, you need commercial auto insurance. Chances are the damages won’t be covered under your personal auto policy.
Myth #4: Online Businesses Don’t Require Commercial Insurance
Business property insurance covers any physical assets used for your business. That may include equipment, vehicles, inventory, supplies, and tools. Ask your insurance agent how to cover your digital business for items damaged by a covered peril, such as fire, theft, vandalism, or storm.
Consult With Us
Contact Innovative Insurance Resources today to get a free quote and find out how we can help you protect your business in Honolulu, HI.