Every business owner understands the fact that running a business comes with numerous inherent risks that you can’t avoid. A natural disaster could destroy your business property, or your customer could file a lawsuit against your business leading to significant financial losses that could even bring down the entire company.
Therefore, commercial insurance from Compass Insurance is necessary to protect your business and personal assets against such worst-case scenarios that could occur. Here are some of the top reasons why your business requires commercial insurance.
It’s the Law
The law in most states across the US requires all businesses to have specific types of insurance depending on the size of the business. For instance, your business is expected to have a liability insurance policy to cover the medical bills of your clients who may get hurt at your business premises.
Failure to carry the legally required business coverage could result in hefty fines, exclusion from the public contracts, and a possible jail term. So, before you think of any other benefit, think about the legal implications if you fail to purchase a commercial insurance policy for your business in Centennial, CO.
To Protect Your Business Property and Assets
The other reason why you should purchase a commercial insurance policy from Compass Insurance is that it protects your business property from disasters and theft. Remember the fact that some of your business equipment is expensive to acquire and without the necessary coverage; you could find yourself in a mess when the worst happens.
The property insurance coverage is also designed to protect your business premises and everything inside the building. This coverage will protect your enterprise from losses associated with some of the expensive business equipment when the damage is caused by an external covered event.
The Other Party May Not Be Insured
What is the first thing that comes to your mind when the negligence of another person damages your business property? You hope that the responsible party has sufficient insurance to cover the damage. But, what will happen if this isn’t the case? You will need your commercial insurance coverage to help you cover the loss.
Are you a business owner in Centennial, CO? Contact us today for a client-friendly commercial insurance policy.