There are three kinds of insurance a commercial business needs
General Liability Insurance
Professional Liability Insurance
Commercial locations are core to many businesses
As a small business with one or more commercial locations, you need insurance to protect against the risk of having a physical location. We know of the cliche lawsuit that starts with slipping on a wet floor without a wet floor sign, but these events actually occur. To protect yourself from legal fees and potential damage awards, APOLLO can provide a customized insurance solution tailored to your business needs.
No matter how careful you are, unexpected disasters can occur. You never know when an ice storm could break your store’s windows and leave you with a massive repair bill. If your landlord isn’t prepared to pay the cost, you’ll ultimately have to pay expenses out-of-pocket or bring legal action against the property’s owner. In another instance, someone may break into your commercial location and steal valuables and equipment. A proper commercial property insurance plan can protect your business from the consequences of these situations.
You can’t think of insurance as another expense. Purchasing it is a wise business decision that mitigates the risks threatening your company. It provides peace of mind, so you won’t need to worry about unforeseen crises that could hurt your small business.
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Why does a commercial business need insurance?
Commercial businesses are given access to sensitive information and play an important role in advising their clients of potential opportunities. By giving any kind of professional advice brings risk requiring insurance.
Larger, more sophisticated companies often request proof of general liability and professional liability insurance from contracts, meaning that insurance is often mandatory for accountants to work with these types of businesses.
Accountants can be sued when one of their clients or a shareholder incurs a financial loss, regardless of fault. It can be very costly for an accountant to defend this type of lawsuit, especially at a small firm or solopreneur company. To ensure this type of risk isn’t detrimental, a proper insurance policy is key for the planning and operation of any business.
What types of risks does my commercial business face?
Whether you’re a clinic, clothing store, or restaurant, there are dozens of customers and clients coming in and out of your store daily. This creates risks because people could trip, slip, or find other ways to injure themselves. If they do, you could be at fault for their injuries or property damage and face a lawsuit. You can plan every detail to prevent this. But on a busy day, you may miss hazards that cause customers to injure themselves.
Another legal risk involves third parties like your neighbours or landlord. If a fire from the adjacent store damages your commercial property, you may sue your neighbour or landlord to recover repair costs. Or your landlord may sue you for repair costs. While waiting for the result of litigation, paying for repair costs out-of-pocket could hurt your business’s cash flow.
Commercial properties have dozens of other risks. Imagine a pipe burst and floods your store. Not only will you need to repair water damage and replace equipment, but you may also need to close your store for several days. During this time, it may mean no revenues while still needing to pay staff, suppliers, and other bills. Business interruption insurance mitigates this risk.