Business insurance is essential for both big businesses and independent contractors. Plus, it may be legally required for your company. However, with any insurance product, you need to purchase it in advance before any problems arise. But what situations require insurance? The agents at Taake Insurance Agency LTD in Columbia, IL, share the top ones below.

When Do You Need Commercial Business Insurance?

1. If Someone Gets Hurt

Accidents happen anywhere, but if someone gets hurt on your premises, then you may be liable to pay their medical bills, which may cost thousands of dollars. Business insurance also protects you if the products or services cause bodily harm.

2. In Case of Property Damage

If you or an employee causes damage to someone else’s property, insurance covers the costs. For example, an employee of a cleaning company may accidentally break a valuable item while they’re dusting the office. Insurance protects your business from having to pay large, unexpected cash expenses like these. Depending on the situation, a simple accident could financially ruin your business.  

3. When You Get Sued

There are many reasons to get sued, and, unfortunately, legal expenses are costly. In this situation, business insurance will cover you. Without the ability to pay for a quality lawyer, your company may face bankruptcy.

Do you need business insurance in the Columbia, IL, area? Give the insurance agents at Taake Insurance Agency LTD a call at (618) 281-7656 to review your needs. They ensure you have adequate coverage and provide personal one-on-one service with a team of trusting, friendly agents. They also offer commercial property insurance. For more information or to get a quote, visit the website.