Commercial insurance performs a critical role in the world economy. There are over seven million small businesses in the U.S., ranging from mom-and-pop shops to niche marketing agencies. Despite their many difference, they all have one thing in common: without the proper commercial insurance coverage, a disaster or lawsuit could put it out of business.
Here are some reasons why commercial property & casualty insurance is critical for small businesses:
Covers your business in the event of negligence.
It’s like we tell our children – mistakes happen! Unfortunately, sometimes those mistakes come with serious consequences. For example, an employee could forget to up a “caution” sign on a wet floor after mopping. This action could lead to a major lawsuit if an elderly gentleman slips and is seriously injured! Fortunately, property and casualty insurance will cover your business for negligence.
Provides for lost income.
As every business owner knows, you will encounter certain situations that are beyond your control. Say a power grid goes down, causing your bakery to lose power (and product!) – for a couple of days. That results in lost income. Property and casualty insurance will provide for lost income if your business is forced to suspend operations after an event that is outside your control.
Replace property loss after theft.
There is no worse feeling than a break-in, regardless of whether it’s your home or business. Whether its theft by an employee or a burglar, property and casualty insurance covers your business for loss due to theft.
If you want more information on commercial P&C, InternetCE is here to help with all your North Carolina insurance continuing education needs! Check out our newest course, Ticket to Ride, to learn more about commercial property and casualty insurance, flood, and ethics so that you not only get CE credits for your state but you gain valuable knowledge.
