When you’re running your own business, it can be complicated to navigate the insurance landscape. There’s a lot of misconception and misleading information out there.
Here are 3 of the top business insurance myths, debunked.
Myth #1: My home insurance will protect my home-based business
This one is one of the most popular myths that small business owners believe. After all, your small business is based out of your home – why wouldn’t your home insurance also cover your business?
Most home insurance policies don’t cover home-based damages that may occur in your home office. Check with your local insurance agent about the best type of liability or business insurance policy you need to protect you, your home, and your business.
Some examples of items not covered by home insurance but could be covered by a business insurance policy include laptops or other physical operating equipment that may be broken; slander; or an injury that occurs on-premises.
Myth #2: General liability insurance covers all my risks
Speaking of liability insurance – many business owners, both small and big, believe that a general liability insurance policy will cover all of the risks that they may face.
While general liability insurance may provide comprehensive coverage, it won’t cover every claim that may arise – or against certain types of injury.
Many business owners will find that they need an additional policy to cover all of their operating functions. Talk with a local insurance agent to see what type of policy is the best fit for your business.
Myth #3: I don’t need business car insurance since I drive my personal car
Many small business owners believe that their personal auto insurance will cover their business operations. However, many personal auto insurance policies will not cover incidents for which the automobile was used for business operations.
Talk with your insurance agent to see if you are covered. After all, you don’t want to be denied a claim if you were using your car for business delivery and you were involved in an accident that totals the vehicle.
When you’re ready to speak with your trusted choice in insurance, call or visit Insurance Solutions Inc. in Cullman, AL today!