Why Commercial Insurance is Important

Commercial insurance serves a vital function in the American economy. Without it, nothing would work properly. Commercial insurance protects the economy from failing by taking on some risks of the creation of products and services. In some states, and for certain kinds of operations, businesses are required by law to carry commercial insurance. Without commercial insurance, there would be no food to eat, no electricity, no deliveries, and nothing we expect to be a part of our modern lives.

The largest employer in America, in terms of the total number of workers, is the over seven million small businesses that makeup over half of the American economy. They include every type of business imaginable such as bakeries, florists, service companies, contractors, corner grocery stores, auto mechanics, home-based businesses of all kinds, and so much more.

All the small businesses in America have one common characteristic. Without adequate commercial insurance protection, one severe, adverse event or lawsuit could wipe them out of business and take the owner’s net worth down, along with the company.

Business owners have so many responsibilities that include taking care of their workers, protecting their customers, and making sure their products and services do not cause any harm to others. One simple mistake can cost a business owner a small fortune if there is no insurance protection in place to cover the damages when something goes wrong.

One in three businesses faces severe hazards each year. All businesses in America will become involved in a lawsuit at some point. Nearly 100% of the small businesses have some litigation involvement, either as a plaintiff or a defendant, every year that the business operates.

Despite these clear warnings, up to 75% of U.S. businesses are underinsured and 40% of small business owners have no commercial insurance at all. Don’t be on the wrong side of these numbers. You can lose everything. Get a risk analysis and commercial insurance review from an expert agent at Armor Insurance Group, serving Virginia Beach, VA and the nearby communities.

Contact your agent at Armor Insurance Group in Virginia Beach, VA to get a quote for commercial insurance today.