How do small businesses benefit from commercial insurance?

Congratulations on starting your own business in the vast Pomona, CA. Regardless of the size of the business, taking steps to start one involves both short term and long term risks. You are not just risking a lack of clients, you risk having your business damaged or destroyed in accidents and natural elements. 

Small businesses also need commercial insurance.

At THINK Insurance & Financial Services, we recommend taking risk management tools that will help your business to transfer the risk to your insurance company. By paying a relatively small premium, the insurance can protect your business from calamities that may lead to larger financial losses like theft, fire automobile accidents, natural disaster, legal liability and even death of a key employee.

Disasters can happen to any business big or small and cause damages that may require large sums of money. If your small business is not insured, you may end up closing down temporarily or permanently if you don’t have enough savings to get it back on its feet.

How to go about it

As a Small business owner, you must first identify the company’s main areas of risk. A risk questionnaire or survey available in many insurance companies can be an excellent tool for the process. The next step is to establish the potential severity of the loss. This way you can determine what risks to insure against and the coverage amount needed. 

Common types of losses 

  • property
  • legal liability
  • worker’s compensation
  • company vehicle
  • Key person loss
  • Life and health
  • Business interruption
  • Business opportunity plans
  •  e-commerce insurance

Protecting your business as well as its valuables is a great financial strategy. If you need more information regarding commercial insurance, contact THINK Insurance & Financial Services at Pomona, CA  to speak to our agents.