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3 Myths About Commercial Insurance Debunked

commercial insurance

There are a lot of common misconceptions about commercial insurance. Insurance can be a daunting topic that many people misunderstand. 

Does every business need insurance? 

If so, how much coverage do you need? 

What does each “type” of insurance cover? 

We are going to break down three common myths that many people buy into when it comes to commercial insurance and debunk them with the truth. 

Myth #1: My business is too small to need insurance. 

Truth: 

Every business needs insurance because every business faces the potential of being exposed to risk. No matter how small your business is or how many employees you have, you must have a plan of protection in place. That plan typically starts with insurance. The size of your business only determines how much coverage you need.

Myth #2: Cyberattacks won’t impact my business. 

Truth: 

No one is exempt from facing cyber attacks, especially small businesses. In fact, research has found that hackers generally tend to target smaller businesses because they are less likely to be properly protected than their larger competitors. 

The best thing you can do to limit your cybersecurity risk is to talk to an expert and determine how much cyber insurance you need. Here are a few articles that you might find helpful: 

For additional cybersecurity help, reach out to our team here. 

Myth #3: General Liability insurance covers everything. 

Truth: 

People see the word general and assume that if they purchase General Liability Insurance, then it covers everything. This is NOT true! General Liability Insurance simply protects your business from “general” lawsuits. A few things that it can protect you from are: 

  • Slander, libel, misappropriation, and copyright infringement (advertising injuries)
  • Injuries to their body obtained on your commercial premises
  • Any damages you caused their property

To learn more about general liability insurance, click here. 

If you’re curious about how your benefits compare to your competition, click here to take our benchmarking survey. We would love to help answer any additional questions that you may have about the insurance space! Reach out to our team here.