3 Common Myths About Business Insurance

By George Hodan
Picture by George Hodan

3 Common Myths About Business Insurance
By Annette Cashatt

Myth #1 Small Businesses Don’t Need Business Insurance
Over 90% of Virginia’s businesses are classified as small businesses and the number of small businesses in America actually outnumbers corporations 1162 to 1. With those high numbers, it seems quite likely that a small business runs as good a chance as a large corporation to get sued. The truth is, anybody runs the chance of being sued or can otherwise find themselves in need of insurance.

Myth #2 Insurance Companies Cannot Provide the Service I Need
One of the benefits of working with Allstate Insurance is the ability to mold a commercial insurance policy to fit the needs of your specific business. No two businesses are the same, even if they offer similar services in the same area and a good insurance agent knows this. For example, one business may rent a building vs. owning it, they may have only two employees vs. six or more, and they may have vehicle deliveries vs. a competitor who does not. Your insurance agent will gather all the information necessary to give you the best policy to fit all of your needs.

Myth #3 My Current Business Policy Covers My Commercial Auto
Not necessarily. A commercial insurance policy does not typically cover your business auto needs. There is a separate Business Auto policy just for commercial autos. The Business Auto policy can cover needs such as medical payment coverage, collision and comprehensive coverage, towing and labor costs, and so on. If you or any of your employees use a vehicle for business, then it should have a Business Auto policy.

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