by | Property, Safety, Small Business |

Small business owners have a lot on their plates today. There are many different sides to running a successful business that require an owner’s time and attention. Many first-time owners are making the switch from employee to employer and may not even be fully aware of the potential liabilities that lie ahead when their doors open.

It may seem daunting to think of all that could possibly go wrong. An overturned crate on your floor leads to a slip-and-fall injury lawsuit. A mistake in producing a finished product causes damage when put to its intended use and now you have a product liability lawsuit. You complete a replacement window job and six months later the homeowner is calling saying their windows are taking in water because you incorrectly installed the flashing causing their windows to leak…now you have a lawsuit for negligent work.

That’s why having small commercial insurance is important. Yet, according to a recent report from McKinsey & Co., approximately 40% of sole proprietorships in the U.S. don’t carry small commercial coverage, leaving themselves exposed to scenarios such as those above and many more risks.

Commercial insurance can provide property and liability protection for virtually any  type of small business and can be tailored to fit the type and size of the business operation.  Property insurance is designed to cover certain basic risks or perils such as fire or wind damage to the physical building and contents  of your business. Basic liability insurance, often referred to as General Liability, can protect you in case you make a mistake or neglect to do something that causes harm to a customer. Additional coverages can be added to address specific risks associated to each particular business, such as Worker’s Compensation coverage, Commercial Automobile coverage, or Employment Practices Liability to name a few.

Therefore, business owners need to be able to accurately identify all the exposures associated with running their company. Working with an agent who understands the operation of your business is essential to developing a comprehensive risk management and insurance program.

Acadia Insurance specializes in commercial property casualty insurance, with solutions for many business types, along with specialty risks. We service the Northeast United States, working with 210 independent insurance agencies located in more than 600 cities and towns.  Click here to check our Business Insurance Offerings, or find an agent near you.

Acadia Insurance is pleased to share this material with its customers.  Please note, however, that nothing in this document should be construed as legal advice or the provision of professional consulting services.  This material is for general informational purposes only, and while reasonable care has been utilized in compiling this information, no warranty or representation is made as to accuracy or completeness.

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