Small Businesses Need Broad Spectrum Of Insurance
Buying insurance is critical for small companies, but it’s often given short shrift. Owners can leave their businesses vulnerable to huge payouts for something as mundane as a clerical error or something as cataclysmic as an earthquake. heavy flooding.
To many owners, the word “insurance” means property and liability coverage, the products contained in a standard commercial policy. If there’s a fire, for example, or someone trips and breaks their leg on the premises, the company is covered.
Many business owners stop there.
“A lot of it is denial – tomorrow will never come, or this will never happen to me,” said Kansas Insurance Commissioner Sandy Praeger.
But Praeger, who is also president of the National Association of Insurance Commissioners, said owners’ ignorance is another factor: “I think it’s just not understanding all of the different types of insurance they need.”
Business InterruptionPraeger also cited a common mistake made by people who run businesses out of their homes – they believe a homeowners policy will automatically cover them if there’s a business-related accident, like a customer tripping and being injured while arriving for a meeting. Continued.
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