The Most Common Myths About Commercial Insurance

As a business owner, you have to do many things to make your business runs efficiently and smoothly. And one of them is to protect your business with the help of proper commercial insurance. Unfortunately, there are many myths and misconceptions about it, which prevents business owners from making the right decision. XL Brokerage Inc. serving Selden, NY has prepared the list of the biggest myths you should not believe: 

  • General liability covers all risks a business may face.  Many business owners mistakenly believe that general liability insurance will protect their companies from all possible risks. However, even though it provides comprehensive coverage, it does not protect a company from every claim. The purpose of general liability is to protect a business owner from lawsuits filed against business owners by someone else. 
  • There is no need for workers’ compensation if there are no employees.  There is a common misconception that workers’ compensation is needed only if a business has employees. However, there are some cases when it is still required even if no one employed in the company except its owner himself.
  • Commercial insurance covers damages caused by flooding.  Unfortunately, in most cases, commercial insurance does not cover damages caused by floods. Therefore, if your company is located in a flood-risk zone, you may have to add additional coverage to your standard commercial insurance to protect your business. 

There are numerous myths and misconceptions about commercial insurance that you should be aware of before purchasing a policy. If you have a business in Selden, NY or any other surrounding community and you are searching for commercial insurance, XL Brokerage Inc. is ready to help you find a perfect option and answer all the questions about this type of insurance. Do not hesitate to give us a call today to talk to one of our knowledgable agents.