Whether your business is incorporated, registered, with or without employees… no matter what its purpose, business owners need to secure a Commercial Property Insurance Agent in Monroe MI! Business insurance commonly referred to as “commercial insurance,” is equally applicable to large companies and SMEs, as well as some self-employed workers.
Who needs commercial property insurance?
Here is an example of a person who should have commercial property insurance:
Rita chose to leave her career as a human resources manager to start a workshop creating recycled clothes in her apartment. Like many young entrepreneurs, she is reluctant to take on commercial insurance. But what if she is the victim of theft?
Rita’s personal property will be covered by her home insurance. If on the other hand, she has not reported to her Commercial Property Insurance Agent in Monroe MI that she is working from home, her sewing machine, raw materials, clothing stock and her computer may not be covered. It is, therefore, important to always speak with an insurance agent or broker if you need additional protections to cover your professional property.
Why is this type of insurance so important?
Rita thinks about the cost of such insurance and argues that, even in the event of a disaster, it would be more economical to buy back any equipment lost than to insure herself commercially. However, what happens if she finds herself facing legal issues relating to her business? In addition, with commercial property insurance, she could even obtain protection to ensure potential income losses or help relocate her business (as needed).
In short, commercial insurance concerns all entrepreneurs, regardless of the size of their business and the nature of their business. Although it is not mandatory, it may be necessary if the contractor wishes to take out a loan from a financial institution.
Each insurance company has its own insurance contract
The advisory role of an insurance broker or agent is paramount, mainly because of each company, according to its vocation, faces different types of risks. Among others:
- Property damage
- Losses due to business work stoppage
- Theft
- Embezzlement
- Civil liability for damages caused to others, and so on.
Damage to premises rented by the company is also included in a civil liability contract. Browse our website for more information.
