Do Businesses Still Need Insurance If They Have No Stock?
Service-based businesses, such as a hair salon or air conditioner repair shop, may not have any inventory or very limited supplies need to do their job. As a business owner, you may not think you have much to worry about and assume that there is no reason to hold business insurance in Vancouver, WA. However, this can be a costly mistake to make.
In reality, most businesses (if not all) need some form of commercial insurance. A commercial insurance policy protects much more than just your inventory, too. It can safeguard your business’s building against damage from fires, hail, vandalism, and more. It can be used to protect your company in the event of a lawsuit – which every business can face. Even service-based businesses can find value in obtaining a commercial insurance policy.
If your business doesn’t have a lot or any physical merchandise, it’s likely that you have thousands of dollars invested in tools and equipment that are needed to do your job. Computers, appliances, tools, and more are all at risk of damage and theft. Fortunately, a commercial insurance policy can help to protect these items to ensure that your business can continue operating after a disaster.
If you don’t have an insurance policy, it is likely that you will be forced to make repairs and replacements out of your own pocket, which may not be possible if the damage is significant. Not only does this take a financial strain on your business, but it forces your business to close for days, weeks, or even months to resolve the issue.
A business insurance policy is designed to protect your tools and equipment for damage. If they are damaged by a covered peril or stolen, you can fall back on your policy to get you back on your feet.
Keep your company safe with the right policy. At Action Insurance Group, we’re dedicated to providing business owners with quality business insurance that they can rely on. We serve WA, OR, CA, ID, and UT.
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