3 Common Business Insurance Myths
There are several misconceptions when it comes to business insurance.
Here are three myths that you’ve probably heard before:
Myth #1- Personal Auto Policies Will Cover Losses on Vehicles Used for Commercial Purposes
Make sure you check with your insurance agent to see what’s covered and excluded from your personal auto policy.
If you have a vehicle that is primarily used for business purposes, you will need to consider getting a commercial auto insurance policy because a personal auto policy is intended for personal use.
Don’t assume that your personal coverage will cover any claims, liabilities, loss, or damage if you have an accident in your vehicle while running a business errand.
Myth #2- Umbrella or Excess Insurance Has Me Covered, Completely
While you may think umbrella or excess insurance is supposed to completely protect you on a rainy day, you’ll need to check your policy to see what your limits and exclusions are.
Umbrella or excess insurance is not meant to cover everything for you. It simply provides extra liability coverage when you’ve exhausted the limits of your other business insurance policies.
If you’re not sure what your insurance limits are or what is or isn’t covered, we would be happy to review it with you.
Myth #3- My Home Insurance Protects My Home Business
They call it homeowners insurance for a reason. Home insurance is intended for certain claims related to your home, not your business.
You don’t want to assume that your homeowners insurance is going to give you the coverage you need for your home business should you have to file a claim.
It’s best to contact an agent to get business insurance that will give you the coverages you need.
While these are not the only myths associated with business insurance, they are some of the common myths you don’t want to fall for.
Questions about what coverages you need?
Reach out to us and we will be happy to help.
Tags: business, coverage, liability coverage, homeowners policy, business insurance, Umbrella Policy, Allied Insurance Managers, Auto Insurance