If the recent shutdowns have you facing financial difficulties with your business, and you're trying to find ways to cut corners, don't let one of those corners be your commercial insurance. It might seem like a good idea to let your commercial insurance coverage lapse for a month or two, especially if you haven't suffered any recent losses. But, that's actually the last thing you want to do. After all, you never know when an emergency is going to arise.
If you let your commercial insurance lapse, you won't have the coverage you need to cover your losses. If you can't think of an emergency situation that would require the use of your commercial insurance coverage, read the list provided below. Here are just three of the reasons you need to maintain your commercial insurance coverage.
There Could Be a Break-In
When you own a business, there's always a risk that you'll be the victim of a break-in. During times of economic difficulties or civil unrest, the risk can increase dramatically. If you have commercial insurance protection, your losses will be covered. Unfortunately, if you've let your commercial insurance policy lapse, your losses will no longer be covered. That means you won't receive compensation for any of the damages your business sustains during the break-in. That includes damages to your building and loss of your property. Make sure you're protected from losses associated with break-ins.
There Could Be a Natural Disaster
If you've decided to let your commercial insurance policy lapse, it's time to think about natural disasters. No one wants to think about natural disasters, but they do happen. If you don't do business in a region that experiences earthquakes, tornadoes, or hurricanes, you may think you're safe from natural disasters. But that's not the case. As a business owner, you also need to worry about events such as fires and floods. This is especially true if you let your commercial insurance policy lapse. When you maintain your commercial insurance, you're protected against losses associated with natural disasters.
There Could Be a Work-Related Accident
When it comes to protecting your business investment, you need to think about work-related accidents. Any work-related accident can have financial ramifications on your business, especially if you don't have commercial insurance coverage. Some types of work-related accidents that commercial insurance provides protection for are workers compensation claims and personal injury lawsuits associated with customer accidents. Make sure you're protected against those types of claims by maintaining your commercial insurance coverage.
For more information, contact a commercial insurance agency such as United Counties Insurance Group.