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What You Need to Know about Small Business Insurance

Business insurance protects you and your business with coverage for claims related to allegations of negligent activities or failure to use reasonable care. As one of America’s leading online providers of business insurance for computer consulting and IT services firms, Techinsurance has helped thousands of businesses and individuals get the small business liability insurance they need.

When you buy insurance from us, you get exclusive access to the years of experience and expertise we have accumulated in the business insurance industry. You need business insurance specifically designed to address the risks associated with IT services. 

The importance of Business Insurance

There are a lot of different types of insurances available and there are many different companies offering a variety of all these insurance policies. To put it bluntly, it can become very confusing; so doing a deal of research on the different types of insurance policies and on the companies offering the different policies makes a good business decision.

The other good business decision to make will be when you decide on a policy, to spend time reading through the terms and conditions (T&C) associated with the policy in the given “cooling off” period so that if there is something in that particular policy that you aren’t happy with or want changed, or if it doesn’t meet your needs, then you can make these changes at this time. Once your “cooling off” period has expired, your small business insurance policy is then a contract-to-supply and you are then obliged under contractual law to abide by it or it becomes null and void and you will no longer be covered. So you would be well-advised to make sure that you are happy with the insurance coverage that is included in your policy during this time frame.

Every small business insurance policy that you take out with any insurance company needs to be one that is geared towards your industry and any potential risk that your particular small business could face. Keeping in mind that all insurance coverage is there for the unknowns that could occur that could affect your small business. If you get lucky and are careful, you may never need to make a claim. Insurance is one of those ephemeral unknowns; that is, you don’t need it until you actually need it.

As weird as that may sound, you or anyone else, can’t predict the unknown and that is virtually what you are insuring your small business against if it happens.  Insurance policies are there to guard people and small businesses against unknown and unforeseen calamities.

There are so many different classes of insurance and there are different types of insurance. This is another reason as to why it is so important to read and understand all the clauses in the terms and conditions of your insurance coverage.

An example of people not fully understanding their insurance coverage happened in Ellicott City in 2018 with the massive floods. Many small business owners and individual homeowners thought their insurance covered them for water damage caused by flooding only to learn from their insurance assessor that the damage to their properties and businesses occurred first through a storm drain overflowing before the flood water from the Brisbane River reached their properties.

As you would expect, many of these refused claims are now before the courts and face a long drawn out legal battle for compensation. All this could have been avoided if the policy holders had read and better understood the Terms and Conditions associated with their insurance coverage.

So if you are thinking of not needing any flood or water damage insurance, how sure are you that a storm drain in your area will not overflow and flood your premises? So if you are taking out insurance for flood damage rather than water damage, make sure, in writing, that you are suitably covered for all types of water damage.

Many people thought they were adequately covered for flood and water damage but as some of the insurance companies assessed the water damage as coming from storm water rather than flooding, it rendered their small business insurance policies null and void.

Commercial Auto Vehicles We Cover

Auto Repair Shops

Auto Repair Shops

Beauty Salon

Beauty Salon

Churches

Churches

Cleaning Businesses

Cleaning Businesses

Construction Companies

Construction Companies

Contractors

Contractors

Grocery Stores

Grocery Stores

Handyman Services

Handyman Services

Locksmiths

Locksmiths

Manufacturing

Manufacturing

Photographers

Photographers

Plumbers

Plumbers

Restaurant

Restaurant

Retail Store

Retail Store

Wholesale Distribution

Wholesale Distribution

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