The U.S. Small Business Administration indicates that small businesses account for 45% of Missouri employees, so small businesses are vital to the Show Me State’s economy. Due to the role of small businesses, it is crucial to recognize the role commercial insurance plays in enabling them to meet their legal and contractual obligations. If you are a small business owner, our Swartz Premier Group Insurance team, serving Moberly, MO, will help you understand your commercial insurance options and structure coverage to meet your needs.
Commercial Insurance Overview
Small businesses lack the financial backing of larger organizations and can be vulnerable to unforeseen events. However, like larger organizations, they can gain protection by adequately insuring themselves against the hazards of their industry and other factors.
Almost every small business needs protection through business property and liability insurance and can bundle it into a Business Owner’s Policy (BOP) along with the appropriate industry-specific add-ons. Likewise, workers’ compensation and product liability insurance can be part of the BOP.
Small business owners should also acquire commercial insurance rather than mistakenly rely on their home or personal auto policies for protection. For example, business owners who keep office equipment, inventory, or tools at home should recognize that home policies typically cover only up to $2,500 worth of business assets. A commercial insurance policy should cover those assets. Likewise, owners take significant risks when allowing employees to make deliveries using the owner’s vehicle when covered by a personal policy rather than commercial vehicle insurance.
Working with Swartz Premier Group Insurance
The Swartz Premier Group Insurance, serving the Moberly, MO, small business community, will help you customize an insurance plan to protect your business and personal assets. Give us a call today at 660-263-8900 to discuss your commercial insurance options.
