Owning a small business is challenging. Risks are around every corner and it may seem at times as if the world is out to get you and put you out of business. 20% of small businesses fail in their first year and by year 5 it is 50%. The odds really are against you, but having the right commercial insurance can certainly help mitigate some of the risks of doing business. In Kannapolis, NC, Pethel Insurance Group is an independent insurance agency that can help customize a commercial policy to your business.
Commercial property insurance
Property coverage in the commercial sense covers the building where you do business. But more than that, in the event you are a renter, it covers all your business machinery, tools, and equipment. If you use it to do business, you are covered. It can be your office equipment, inventory, raw materials, tools, etc. The coverage is tailored to the type of business that you do. If a peril strikes, you will be able to get back to business as usual quicker.
Commercial liability insurance
Small businesses are very susceptible to being sued. Every year, 36-53% of small businesses have to deal with a lawsuit. A lawsuit if you don’t have commercial liability insurance, can be devastating and it could mean your business will not survive. Between customers, vendors, and disgruntled employees, there is an almost endless supply of possibilities.
Commercial auto insurance
If your business owns a vehicle, it should be covered by commercial auto insurance. It is wise to keep your business and personal finances separate.
Business interruption insurance
When a covered hazard hits your business, you won’t have any money coming in. Business interruption insurance will provide the money you need to pay your bills and meet your payroll. It can definitely save your business.
Contact Pethel Insurance Group in Kannapolis, NC to discuss your commercial insurance needs.