Commercial insurance is commonly used for a number of reasons. However, you’ll find that it’s not all that straightforward. There are many cases when commercial insurance is not as necessary as it might seem and others when the necessary coverage might be greater than what you’d anticipate.
Here are 5 of the main misconceptions about commercial insurance that most people don’t really think about:
- Full coverage is not actually full. Some insurers claim they cover every possible liability, but that’s pretty much impossible. It’s a good idea, in such cases, to read the fine print.
- Errors and omissions (E&O) insurance is sometimes overlooked because people believe only those working in law or a medical field require it. E&O insurance, however, is a necessity for any business that offers advice that could impact people’s health or finances.
- Some types of coverage are taken for granted. However, like homeowners insurance, commercial doesn’t typically cover things like flood damage.
- You don’t necessarily have to get commercial insurance in all cases. For instance, when using a personal vehicle for work sometimes, additional commercial insurance is not typically recommended, as a regular car insurance policy will suffice.
- Most accidents will be sufficiently covered under the commercial vehicle insurance Colorado general liability coverage, even when it comes to covering medical bills and property damage in the event of a car crash involving a commercial vehicle.