Regardless of how long you have been in business in Mountain View, it is important to have the right level of commercial insurance coverage. Not having the right level of insurance coverage for any business puts that business, as well is the owner and any stakeholders, at risk.
The risks can be significant or minor, depending on the liability issue as well as the type of company that it is. If you value your business and the time and effort you put into building it, then it stands to reason that you are going to be more focused on carrying the proper level of insurance coverage for it.
No Matter How Old or New Your Business Is
It doesn’t matter whether you are operating a brand new Mountain View business or that you’ve been around for 20 or 30 years. Even a business that has been handed down from one generation to the next should have an ideal level of commercial insurance coverage.
The age of the business doesn’t really matter when it comes to potential liability as well as other issues that can arise that could cause the business ownership to struggle to make ends meet. There are countless reasons why businesses lose money and then go out of business every single year across country.
While there are certainly many aspects to operating a commercial business that are well within the control of management and ownership, there are several things that are beyond anyone’s control.
Natural disasters, weather-related events, and even terrorist attacks can cause your business to shut down for a period of time. Depending on how long your business to shut down, this can put a significant bite into your savings. Trying to make ends meet and pay the bills, which could include employee payroll, utilities, inventory, and more can lead you down a dangerous road that could cause you to take on too much debt that your business will never be able to recover from. Shutting down for a week can be disastrous for some companies.
Newer businesses will generally have less revenue coming in and more overhead as it fights to get established. As a result, even a single day being closed or unable to open can have long-term consequences.
So even though your Mountain View Company may have been around for a long time, that doesn’t mean that you are exempt from potential risk.
Risks Come from Internal and External Sources
You may assume that most risk to your company is going to come externally. This would be customers coming to you and being injured on your premises or seeking advice and not liking what they hear. You may also assume that the risk could be related to natural disasters and other events of that nature.
They can also come from internally. Employees and other individuals who are associated with your company can put your company at a greater risk, especially if they don’t have proper training. Even a financial advisor within your company who is taking care of the bookkeeping and other accounting issues, if they make a mistake on your tax filings or other business financial ventures, it could cost you a significant amount of money in legal fees and penalties.
You want to be able to protect yourself as much as possible from any type of situation that can cause your business harm.
That means taking on the proper level of commercial insurance.
There are several different types of commercial insurance that you can choose from, including general liability, basic business insurance, commercial property coverage, vehicle coverage, worker’s compensation, and E&O.
Which type of insurance coverage is optimal for you and your business in Mountain View? That all depends on the type of business you operate and what kind of risks you are exposed to as a business owner.
General liability is optimal for almost any type of business. Basic business insurance can also include business interruption insurance, which could help to offset the cost of paying bills if your business has to close for any period of time for any reason.
If you use a vehicle for your business, then you should have commercial vehicle coverage. If you hire employees, then you want to make sure that you have worker’s compensation coverage as well. Any type of business that offers advice, planning, or educational recommendations, for example, should carry E&O insurance.
This is errors and omissions insurance and it will protect your company from liability in the event that one of your employees leaves something out when discussing options with a potential client or current client.
Thinking “Outside the Box”
The best way to protect your investment in your business, whether you have built it 20 years ago or two months ago, is to think a bit outside of the box. When you think outside the box with regard to commercial insurance, it means that you are going to be looking at the risks that face your business on a regular basis.
The vast majority of business owners cut costs by also cutting the type of insurance that they carry. When you think outside the box in this regard, you will be considering all of the possibilities that can occur within and throughout your company. Risks are everywhere. Make sure that you have the proper level of commercial insurance coverage to protect your assets and your investment.
If you want to discuss commercial insurance options in detail, contact the experts at Agosta Insurance today.