Common Misconceptions about Commercial Insurance

As a small business owner, you need accurate commercial insurance coverage to protect your business assets. Misconceptions about commercial insurance can cause you to make unwise decisions concerning your policy. At Affordable Insurance Inc., we’re helping small business owners in Mountain Home, AR make realistic insurance choices by bringing the following commercial insurance myths to light. 

Commercial Insurance Misconceptions

Myth: Your business isn’t big enough to warrant insurance coverage.

If your business is at risk of losing revenue due to theft, disaster damage, vandalism, etc., you need commercial insurance protection. By customizing your policy, you can obtain the protection you need without wasting money on unnecessary coverage.

Myth: Commercial insurance isn’t worth the cost.

Commercial insurance is an investment in your company’s future. Unless you can afford to pay for disaster damage, loss of inventory, or a lawsuit on your own, you need the protection that business insurance can provide. At Affordable Insurance, we’ll help you select the type and amount of coverage you need to avoid unnecessary costs.

Myth: General liability insurance protects your business against everything.

General liability insurance only protects you against liability mishaps that may occur when customers visit your business site. If, for example, a customer is accidentally injured or his vehicle damaged while visiting your warehouse, and you’re found at fault, liability insurance will pay for his medical or property damage costs. Liability insurance doesn’t cover damage to your building or property, loss of revenue, loss of inventory, employee injury, or other protection your business may need to keep you from financial loss.

Where to Buy Commercial Insurance Coverage

The right insurance coverage can help keep your business safe from financial ruin. At Affordable Insurance Inc., we can tailor your company’s policy to suit your unique business needs in Mountain Home, AR and surrounding communities. Contact us today for all your commercial insurance needs.

Three things that will help you when you buy commercial insurance

There are a few things that can really help when you buy a commercial insurance policy for your business in the Mountain Home, AR area. At Affordable Insurance Inc., we’ll come to your assistance so that you have plenty of resources to take advantage of when you buy commercial insurance.

The following are three things that will help you when you buy commercial insurance:

Doing a risk assessment

Conducting a risk assessment will help you determine what types of commercial insurance you need and how much coverage you need.

You can conduct a risk assessment to pinpoint the liabilities and potential causes of financial loss at your business. You will then be able to make more informed decisions about commercial insurance coverage for your company. 

Getting quotes from numerous providers

You should always compare costs among providers before you purchase any insurance policy. Find commercial insurance providers in your area and get quotes from them. You can compare these quotes and know you’re selecting a policy that offers value. We offer a comparative insurance quoting tool on our website for your convenience. 

Learning about the various types of commercial insurance that are available

Before you decide on your policy details, you need to understand all the types of coverage that commercial insurance entails. 

Some of the most important types of commercial insurance to carry are liability, commercial property, commercial auto, errors & omissions, and workers’ compensation insurance. You might need other types of coverage depending on your particular industry. 

Familiarize yourself with insurance types and make a list of all the types of coverage you need before you select a policy. 

Contact Us Today

Commercial insurance is critical if you want to be sure that your company will stay in good financial shape. Get a quote on a policy from Affordable Insurance Inc to find the insurance you need in Mountain Home, AR. 

Types of commercial insurance most businesses should have

At Affordable Insurance Inc in Mountain Home, AR, we understand the risks that all businesses face. Our job is to help our clients to manage their risks in a way that allows them to grow their business while protecting their assets. As independent insurance agents, we are able to offer more choices in coverage to help protect your business. We can offer you the benefit of our experience and also more choices with multiple carriers. 

Workers compensation insurance

Workers’ compensation insurance is good for both employers and employees. It protects employees in the event they are injured while doing their job. It provides medical benefits as well as lost time payment. It also has death benefits and permanent disability coverage. In Arkansas, if your business has three or more employees, you are mandated to have workers’ compensation insurance. 

Commercial liability insurance

One serious risk every business faces is being sued. More than 30% of businesses will face legal action in any given year. That makes it a risk your business has to consider mitigating. Commercial liability insurance will help to pay a judgment against you and also for the legal assistance you need. Given the risk level, it makes good sense to carry this affordable coverage. 

Commercial property insurance

If you own the building that houses your business, commercial property coverage is a must, but even if you are a renter, you have an awful lot of property that is necessary for you to do business. Whether it is machinery, office equipment, electronics, tools, records, raw materials, or inventory, they all need to be protected. Read your policy to make sure exactly what is and isn’t covered. You want to make sure you have the protection you need. 

Contact Affordable Insurance Inc in Mountain Home, AR to get your personalized commercial insurance.

Equipment Breakdown Coverage: What It Is and How It Can Help Your Business

Regardless of the industry, you’re doing business in, you will be unable to move forward with your business and make money if you suffer an equipment breakdown. In situations like these, equipment breakdown coverage as part of your overall commercial insurance policy can come in handy. Affordable Insurance Inc wants to share more information about equipment breakdown insurance with Mountain Home, AR residents.

What Exactly Is Equipment Breakdown Coverage?

When you have a commercial insurance policy for your business, equipment breakdown coverage, equipment breakdown coverage is an additional yet optional coverage option. The main purpose of this coverage is to cover any cost of repairs/replacements of malfunctioning or damaged equipment. Depending on your exact policy, it could reimburse you for lost income as a result of the failure.

For example, if you are a restaurant owner, it would be impossible to cook food, provide lighting for the space, or run your payment systems if there is a power outage. If this outage lasts for several days, you may end up dealing with spoiled inventory. In the end, you could be out thousands of dollars or more. Equipment breakdown coverage can come to the rescue.

What Kinds of Situations Are Usually Covered?

Equipment breakdown coverage can cover anything from mechanical issues and faulty equipment to unexpected HVAC breakdowns. Almost anything that causes your business to be shut down and no longer able to serve clients or customers is typically covered. If you are curious about a particular situation, don’t hesitate to speak to an insurance agent.

For more specific commercial insurance questions related to your individual business in Mountain Home, AR, contact us at Affordable Insurance Inc today.