Business insurance is an absolute necessity in the current economic climate. The need for this kind of policy, its coverage, and how to obtain the highest level of protection for you and your firm are unfamiliar concepts to most business owners. Here are five business insurance myths and Reality you must know.

1: You Don’t Require Business Insurance Unless You Employ Employees

Whether you manage 5 or 15 employees or simply a one-person show, having insurance for your business is a must for any seriously-minded business owner. Suppose you’re an individual contractor working in a high-risk field such as contracting. In that case, you’ll most likely require specific insurance coverage to protect yourself and your customers. A lot of the dangers arising from entrepreneurship get covered by standard homeowner’s insurance.

2: Basic Insurance Coverage Is All That You Require

for some entrepreneurs, that could be the situation. But each business is unique, and some might rely on expensive equipment or inventory. While others might deal with sensitive information; however, different kinds of companies could be with a greater risk of being legally liable. Understanding how the standard policies will or will not work to suit your particular business circumstance is crucial.

3: You May Be Able to Avoid Auto Insurance If the Employees or You Are Driving Your Automobiles

Whether or not you own one or more commercial vehicles, having auto insurance is necessary if you or a staff member drives for work-related purposes. Your standard auto insurance plan isn’t likely to cover the injuries or accidents that occur while conducting business. So you shouldn’t ignore this crucial protection if it’s relevant to your activities.

4: The Business Insurance Market Is Highly Costly

Reverse Business insurance is affordable, and it’s a small price to protect your livelihood and the company you’ve worked so hard to build. A comprehensive insurance policy will provide peace of mind to focus on your goal without stress.

5: Solo Owners Do Not Need to Buy Worker’s Insurance

In certain states, you can apply for exemptions, so you do not have to purchase insurance for workers’ compensation. However, this doesn’t mean it’s the ideal choice for your business. If, in certain circumstances, you or any of the independent contractors you work with are injured, who will be held accountable? Your customers. A knowledgeable contractor or customer may require that you have workers’ compensation insurance before working with them. Be sure to understand your field and what gets expected. Be expected of you, even if it’s not mandatory.

For any business insurance questions, call Commercial Insurance Ottawa at (613) 454-5640 or email at today.