Whether you are a small business or large enterprise in Boiling Springs SC, having commercial insurance is advisable. Here is what could happen because you don’t have commercial insurance.
Why You Need Commercial Insurance
Heavy fines and jail time
In most instances, not having certain types of coverages such as workers’ compensation and professional liability violates the law and might even be considered a felony. As a result, the enterprise could face heavy fines, and you might even face jail time as the business owner or director.
Zero financial protection
Commercial insurance protects the business from financial liability in case of an injury to a customer or a dissatisfied client. Lacking insurance means that the enterprise has zero financial protection; therefore, if you have to face financial liability, the business could go bankrupt.
Some clients will not work with you
If you are a contractor or subcontractor, you may find it difficult to hire clients if you don’t have some kind of E&O coverage or professional liability coverage. At Integrated Insurance Advisors LLC, we have encountered many promising companies struggling to survive because of reduced revenues. This results from them having difficulties hiring clients due to not having commercial insurance.
Breaking a lease:
Property and general liability insurance are among the most important commercial insurance policies, even if you are renting your business premises. Many landlords will break a lease or not rent the business premises to you if they find out that you have none of the two commercial insurance policies.
Considering the hurdles that a company without commercial insurance might have to endure, it’s easy to see how such an enterprise could end up in failure.
Give Us A Call
Are you seeking commercial insurance in Boiling Springs, SC? We at Integrated Insurance Advisors LLC are your answer. Our expert insurance professionals will help figure out which commercial insurance coverages you need.