To run your own business should be exciting. You have succeeded at something that should make you proud. With a business comes a lot of decision-making. One of these decisions involves whether or not you should invest in business owners insurance. Before making your decision, take a look at the common myths people have about business insurance.
No One Will Sue a Small Business
This myth comes from the idea that if your business is not making a lot of money, there is no point to sue you. This isn’t the case. Once you’ve been sued, you still have to pay. No matter the size of your business, it is collectible.
The Business Vehicle Is Covered By Personal Insurance
This is false too. Often, your personal insurance will not cover a vehicle you are using for work. Before you make this assumption, you should always check your personal coverage. You may be surprised to find that you need one of the business owners policy coverages.
Corporations Are Protected From Liability
The only protection given to officers, owners and investors is from personal liability for the debts and actions of the corporation. This does not mean corporations aren’t liable for wrongful acts.
Often, myths deter people from investing in coverage. In reality, business owners policy coverages help businesses, big and small.