According to a recent report, youths are now more interested in starting their own business rather than work as an employee. Unfortunately, many new startups die off within the first year because of some inevitable challenges.
If you are about to start a new business or you have an existing business in Centralia, IL, you should contact Alcorn Insurance Agency or any other reliable insurance company to know how commercial insurance can protect your business. However, here are three ways by which commercial insurance can protect your business in Centralia, IL.
1. Provision of general liability insurance
This is the most common form of commercial insurance offered by Alcorn Insurance Agency. A client or customer can suffer bodily injury for using any of your products or services. His properties can also get damaged as a result of using your product or service. While you can prevent this, you may not be able to prevent the case of customer or client tripping and falling within your premises.
This is where general liability insurance comes in. It protects your business from any of the situations listed above. Being a startup that is still struggling financially, one lawsuit can nail the coffin of your business for good.
2. Provision of business property insurance
If any of your office furniture, inventory, and electronics get damaged or stolen, this insurance coverage will give you monetary compensation. Remember that the cases of hurricanes and wildfire are not uncommon in many parts of the United States. A natural disaster could damage your office equipment and fittings. Without this insurance coverage, the blow will be too devastating. If you had set everything up with a loan, it will be double trouble for you. So, you can simply prevent that with commercial insurance.
3. Provision of commercial auto insurance
When other people sustain bodily injury or property damage from an automobile accident caused by your own employee, this coverage protects you from the cost of treating the injured parties and fixing the property damages.
In conclusion, there are several other reasons you need commercial insurance to start any business. The ones discussed above are just a few of them. Starting any business without this commercial insurance coverage is simply suicidal.