Should a Small Business Owner Get Commercial Insurance?

Whether selling handmade items on a small online platform or running a soap company out of a modest brick-and-mortar storefront, you may wonder if commercial insurance is a good idea for your small business.

At the Insurance Center of Green Valley, we’ve walked plenty of business owners of all business shapes and sizes in the Green Valley, AZ area through the commercial insurance coverage process. 

What is commercial insurance?

Commercial insurance, which is sometimes referred to as “business insurance,” is a type of insurance policy that provides coverage for businesses and related items. For example, some types of commercial insurance cover liability if a company is on the receiving end of a lost lawsuit.

In other cases, commercial insurance might cover a business facility for commercial property insurance or the company’s vehicle with a specialized commercial vehicle insurance policy. Some commercial insurance policies cover multiple aspects of the business, while others zero in on specific company parts.

Why should small business owners get commercial insurance?

For small business owners, commercial insurance can be a safety net that provides coverage for unexpected expenses. Unlike large corporations, small businesses may not have the savings or assets to cover an emergency such as fire damage to their facilities or damages in a lawsuit.

Theft, lawsuits, and damage are difficult to handle for all businesses. For small business owners especially, one unexpected emergency can be enough to hurt the business or make it impossible for the company to continue. Although every commercial insurance policy is different, some cover the specific needs of smaller firms.

If you are a small business owner considering commercial insurance, call our office at the Insurance Center of Green Valley in Green Valley, AZ, today!

Get Home Insurance – Don’t Leave Your Most Valuable Asset Unprotected

Are you a homeowner in the Green Valley, AZ area?

The Insurance Center of Green Valley can provide the coverage you need for your most valuable asset.

Why is it important to have this coverage? It protects the home and personal property. In the event of a total loss, insurance becomes the primary source of the funds needed to rebuild. It will also provide liability coverage for any legal action resulting from injuries or damage to your property by another person.

One of the most critical aspects of homeowners insurance is the level of coverage. The most common coverage level is HO-2, which protects against 16 events outlined in the policy.

“My home is paid for. Why do I need homeowners insurance?” If someone is injured on your property, or if a weather event causes damage to your home, any associated costs will need to be paid by you out-of-pocket. These resulting costs can sometimes be relatively high and can result in the loss of a home or create financial ruin.

If your home has a mortgage, the lender will require you to have enough insurance to protect their investment in the property. They will also require that they be listed as the property’s lien holders.

If you allow the insurance to cancel, the bank will obtain a force-placed insurance policy on the property, which is quite costly, to protect them against any possible risk of loss.

The most common type of coverage is replacement cost coverage. It pays to repair or replace your property. The insurer will pay you for the repairs or to replace your property.

If you are a homeowner, you will need this important coverage. The Insurance Center of Green Valley can provide this. Contact our office today.