Why Do Small Businesses Need Commercial Insurance?

Not every business is required to carry commercial insurance. If you are renting the building you conduct business in, and if you are not using any vehicles for the business, you may not be required to carry commercial business. However, at Marino Agency Inc. serving the greater Mt. Ephraim, NJ area, we see a lot of small businesses who forego coverage, and later wish they did not. Here are a few of the reasons why small businesses should consider this coverage, even if it is not required.

Commercial Insurance Protects Your Investment Against the Unexpected

One of the most heartbreaking things to see is a small business owner who sunk their whole life savings into their business and product, only to have it destroyed when the building went up in flames or a thief burglarized their store and took expensive items that the owner could not replace. Commercial insurance provides coverage against these losses, ensuring the business owner is not ruined because of something that they had no control over.

Commercial Insurance Covers Key People Who Can’t Work

The other coverage that is important for small businesses is key person coverage. Many small businesses are run by a family or their partners. If one person were to get sick for a long period of time, the business would either need to close their doors during periods of time or hire someone, both options they may not be able to afford. Commercial insurance helps to compensate for these losses, ensuring the business does not have to shutter their doors because someone unexpectedly could not work.

Are you looking to obtain a new commercial insurance policy in the greater Mt. Ephraim, NJ area? Then let Marino Agency Inc. help. Give us a call today to discuss your insurance needs or ask any questions you may have concerning your policy.