Opening your own business requires a great deal of time and capital, all of which can be threatened by a single lawsuit or natural disaster. Fortunately, a sound commercial insurance policy tailored to your needs provides protection from a variety of perils and minimizes the risk. The following tips will help ensure you are in the best position possible if the unexpected occurs.

3 Tips for Ensuring You Have Adequate Commercial Insurance Coverage

1. Understand Your Existing Policies

While some aspects of your operation may be covered under existing policies, others will be specifically excluded. For instance, you may assume your homeowners insurance will pay for damages to your equipment and inventory in a covered event, but this is usually not the case. Because home insurance policies typically won’t cover business property, entrepreneurs operating out of their residences need separate commercial coverage.

2. Calculate Your Company’s Worth

Even businesses that aren’t in traditionally dangerous fields may find themselves threatened with liability lawsuits if someone else is injured in an accident. To ensure you’re adequately covered, maintain business insurance with liability coverage equal to the total assets of the company. Those in industries with more risk exposure may want to consider carrying even more for maximum coverage against lawsuits and damage claims, both of which could put you out of business.

3. Speak to an Insurance Agent

The insurance market can be extremely complex, making it difficult for the average business owner to get the coverage they need without overpaying. An experienced agent will evaluate your situation, identify gaps, and help you select a policy that achieves the perfect balance of coverage and affordability.

No matter what industry you’re in or how big your business is, you can trust the experts at Consolidated Agency in Rochester, NY, to ensure you have the commercial insurance coverage you need. As independent agents, their team has access to a broad range of policies from a variety of respected carriers, giving them an extensive selection of products to choose from. Visit their website or call (585) 467-4110 to request a free quote.