Business insurance is not a one-size-fits-all option. In fact, many businesses struggle to find the right coverage that caters to everything that they need. In order to make sure that you have the coverage that you need, it’s important for you to know the ins and outs of business insurance. Here are some of the most common myths about business insurance Ann Arbor residents need to know.
General Liability Is Everything You Need
Too many people believe this myth. The idea is that general liability insurance covers everything. This simply isn’t true. It does provide comprehensive coverage but it will not protect against every claim.
Business Insurance Covers Flooding
Be careful of this belief! In many cases, you need to purchase extra flood insurance in the case of a flood. If you live in a hurricane prone area or one that gets a lot of flooding, then you’ll want to think about extra policies.
Workers’ Compensation Is Only Needed if You Have Employees
The truth is that even sole proprietors may need workers’ compensation. In some cases, if you have employees that only work part-time, you still need it.
When it comes to business insurance Ann Arbor residents need to learn about, there are many coverages to consider. The best way to make an educated decision is to know everything that you can about business insurance.