Starting a small business is not as easy as it looks. You need to be the owner of your company, your CEO, CFO, and you are also your employee. Although some of your family and friends can help you, it can be a one-person business after all. Despite being small-scale, it's important to understand that every company needs insurance. Here are some truths about myths regarding small-business insurance:
Myth 1: Small-scale Business Don't Need Insurance
This myth is one of the popular myths about small business insurance. No matter how small or how big a business is, it's essential to purchase a guarantee for a back-up plan. The coverage serves as a protection and support to your business whatever happens. Since you are handling your business alone, a small loss will still mean a lot in your store. It can be the start of a decline that you don't want to happen. The lower the business is, the harder it is to recover loss.
Myth2: Insured Cars Can Be Used on Business Trips
This myth is a crucial one in small-scale business that relies on deliveries. If you own a car and don't want to pay for transportation, you'll use your vehicle to deliver a package. However, having car insurance does not always mean that you can use it for commercial purposes. If an accident happened while you are on a business-related trip, chances are it's not covered in your car coverage. It's important to note that you need business-auto insurance if you use your vehicle for business-related purposes.
Myth3: Home Insurance Covers Your Home-business
Like in car insurance, your home insurance does not cover your business if it's located at your home. Although home insurance can protect business properties, take note that your insurance only covers residency and not a home-based business. Having a company at home can also affect your home insurance to the point that it can be void. It's important to disclose any companies if you have one at your house. However, it's still better to invest on business insurance to protect your business at home
If you believe in those myths, it’s better to change your perspective to make sure that your business has protection. No matter how small your business is, it's essential to invest in business insurance that captures what you want for coverage.
At Keith Sanders Insurance Group, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (254) 235-8185 or Click Here to request a free quote.