Why Do Businesses Need Commercial Insurance In 2020

Enterprises need business insurance, so the owners do not have to worry about out-of-pocket expenses for damages and legal disputes against the company. Some occurrences can be overwhelming and shocking to everyone in the business, much like the CoronaVirus pandemic right now.

Top Reasons Why Businesses Need Insurance

1. Business insurance covers potential lawsuits or liability.
   Dissatisfied customers could be everywhere, and this insurance covers the expenditures in case a court proceeding is necessary.
2. Business insurance aids in replacing the potential loss of income.
   This coverage is when your business is unable to operate due to a peril covered in your contract. It can continue paying your bills and payroll or even keep the company afloat in case of operations interruption.
3. Compensates employees who are unable to work due to work-related injuries.
   Any injury obtained while on duty and renders the employee unfit to work, should be covered, as well as medical expenditures.
4. Business insurance can be tailor-fitted to your company’s needs.
   Different types of commercial insurance can cover the specific field that is your business and the probable risks that you should be facing.

Different Industries’ Coverage

1. Retail Business
   Coverage: Business Income from Dependent Properties and Franchise Upgrade
   
   Description:  It will help cover loss of business if the third party company that you depend on is the reason why you lose the trade or your operation stops.
   
   
2. Restaurants
   Coverage: Liquor Liability and Temperature Change Insurance
   
   Description: If a customer causes an accident or a fight after being served alcohol, the restaurant could be at risk for liability. Liquor Liability covers claims in these scenarios. Temperature Change covers any spoilage that could happen in case a refrigerator breaks down. The coverage will take care of the replacement of the goods.
   
   
3. Landscaping and Arborists
   Coverage: Business Income Extension for Off-Premises Operations/Herbicide and Pesticide Insurance
   
   Description: Business Income Extension for Off-Premises Operations could cover any loss of income due to damaged equipment that does not let you continue with work.
   
   Herbicide and Pesticide Insurance covers costs for claims of pollution caused by using herbicide or pesticide while doing the job.
   
   
4. Real Estate Business
   Coverage: Employment Practices Liability/Employee Benefits Liability Insurance
   
   Description: EPL is to cover for claims of harassment, discrimination, and even wrongful termination.
   
   EBL covers claims of errors or omissions that the company might have committed in the management of the employees.

You have worked hard to build your business. Business insurances help safeguard what was founded by your sweat and tears. The coverage changes as your company expands. Make sure you sit down and review this to make sure your protection is up to date.  

At Kapasu Insurance Services Inc, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (760) 995-3853. You can also request a free quote by CLICKING HERE.