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Arial Insurance Group Blog

I’m a small business owner. Do I really need commercial insurance?

If you’re a small business owner, you may question whether or not you should invest in commercial insurance. The Arial Insurance Group of Chicago, IL understands that small business owners may not understand commercial insurance’s true benefits. As a result, we’re invested in creating understanding and guiding small business owners in making this choice. 

Commercial Insurance Benefits

You aren’t required by law to carry Public liability insurance. However, it benefits businesses of all sizes, even home-based businesses. This insurance protects you and your employees if something happens to cause harm or damage to third parties as a result of your products or services. This includes bodily injury or property damage. However, you could be penalized if you don’t carry workers’ comp coverage, and one of your employees gets hurt at your place of business. Your workers won’t receive benefits if you don’t invest in public liability insurance. The worker’s compensation board could fine you in your state if you don’t have workers comp for your employees. 

Other Considerations…

It’s safe to say that all businesses can benefit from some form of insurance. The types of coverage needed will vary from business to business. This is primarily because businesses vary in terms of the type of business, sector, industry, and business size. It’s best to work with an insurance agent to create a commercial policy that suits your business’s unique needs. We want to help you get the coverage needed to meet your business’s needs, regardless of the size of your business. Give us a call; we want to help guide your decisions as you look for the best coverage for your small business.

How does commercial insurance protect freelancers?

As more people in Chicago, IL and all over the world turn to freelance, the question of whether they need insurance comes to life. Many people cite flexibility as the main reason they choose the path of freelancing. However, it doesn’t matter whether you conduct your freelance business while on vacation hikes, in the middle of the forest or at the comfort of your bed, you need some form of insurance to protect you and your seamless business. At Arial Insurance Group, we recommend buying professional liability or professional indemnity insurance.

Why do freelancers need insurance?

To protect you from lawsuits

You need some form of insurance as long as you are earning income. It doesn’t matter whether you are operating your business at home or in an office. Freelancing means operating your business remotely without always having to meet your clients. That doesn’t mean that you are exempted from costly liability lawsuits that could wipe out your business and destroy your entire freelancing reputation. If you provide services to your clients, such as offering advice, you will have a peace of mind that comes with a liability coverage

To safeguard your assets

If your freelancing business requires you to use special equipment, you may need to protect them with commercial insurance. If you run a chain of offices or business premises, natural disasters or accidents like fire can cause damages that may cost you millions if you don’t have any business coverage.

It is sometimes a requirement

If you are dealing with clients, you will come across different clients with different needs and different expectations. Some clients may require you to have insurance before assigning you to work to protect both of you. The most common coverage required is a liability.

Working remotely as your own boss feels like a heavenly job. However, it also comes with ist fair share of risks. If you just started your freelancing business speak to any Arial Insurance Group expert to help you find coverage based on what you do. Call or visit our Chicago, IL offices today!

 

Partner Carriers

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  • Foremost
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