Westend, North Carolina
916 W. Fourth Street
Winston Salem, NC 27101
(336) 777-8500

3 Small Business Insurance Myths December 27, 2018

Westend, Winston
3 Small Business Insurance Myths, Winston, North Carolina

If you run a small business consisting of only you and a few employees, you may think that it is unnecessary to have Commercial Insurance or Worker's Compensation Insurance. Many business owners operate under the impression that their personal coverage will be sufficient, however this is just one myth that can end up costing them. Below are three small business insurance myths that employers should be wary of. 

Small Business Insurance Myths Explained

Home-Based Businesses Don’t Require Commercial Insurance

commercial insuranceIf you work from home, you may be under the impression that your homeowners and medical insurance will cover you. However, regardless of where you operate from, you’re still susceptible to lawsuits depending on the product or service you provide. Depending on the type of business you own, you may need E&O insurance, which covers company heads in case of liability. 

If Your Business Is Sued, You Can Just Close It 

Many small business owners assume that in the event of being sued, they will be able to simply close down their business. However, if you are sued, you as the owner of the business will be left to pay any damages. By maintaining a basic commercial insurance policy, you are protected from any recourse if you must close your business due to lawsuits. 

Your Contract Will Protect You From Liability

Most small business owners will have their clients sign contracts before working with them. While this is a protection against a business owner not receiving payment, it does not protect them from the client’s right to sue for damages if they’re unsatisfied or if your product or service injured them. 

 

Whether you work from home or maintain a roster of employees, commercial insurance is a necessity. More importantly, you need to partner with an agent who has your best interest at heart. The qualified team at Mountcastle Insurance has been providing the North Carolina community with quality products at the best rates since 1890. Call them today at (336) 777-8500 or visit their website for more information. 

Other Announcements, Events and Deals from Mountcastle Insurance
Your Guide to the Importance of Health Insurance, Winston, North Carolina
Trying to purchase health insurance or changing your plan can be daunting. With so many various plans available, and all of the rules and regulations associated with the health care ...read more
How Getting Married Affects Your Life Insurance, Winston, North Carolina
From legal statuses to joint accounts, getting married results in many changes life changes. One of the most of overlooked changes is insurance, especially whole and term life covera...read more
Frequently Asked Questions About Workers' Compensation, Winston, North Carolina
Workers' comp is a type of business insurance coverage that protects both business owners and employees. It pays the costs of medical treatment for victims of workplace injuries and ...read more
Excess Liability Vs. Umbrella Insurance, Winston, North Carolina
Many people use "umbrella" insurance and "excess liability" insurance as interchangeable terms. In fact, although they are similar, there are important differences between the two. T...read more