Why Do Start-UPS Need Commercial Insurance?

Start-ups are the backbone of the economy. They’re responsible for most new jobs, and they can even turn small towns into thriving communities. But they also face certain risks, and this is where commercial insurance comes into the picture. Here are some examples of risks that can be covered by commercial insurance.

1. Risks of Litigation

If you’re a start-up and someone sues your company, it’s going to be tough to pay the legal fees. These costs can quickly outpace any money that the start-up made in its early years. If you own a business, commercial insurance is one of the best ways to protect against this kind of risk.

2. Commercial Property Risks

Commercial property insurance is one of the most common types of coverage for start-ups. This protects against damage to buildings and equipment related to the business. Common causes of loss are fire, natural disasters, theft, and vandalism.

3. Product Liability Risks

Each year, several million people are injured by using faulty products. If your start-up is designing or selling any kind of hardware or software product, it’s vital to make sure you’re protected in case there’s an injury.

4. General Liability

This type of insurance is a catch-all for any other risk that isn’t specifically related to a single category of coverage. It’s the most common choice for start-ups and can cover general lawsuits and costs associated with accidents that happen on a business’s property.

5. Workers’ Compensation

This is an important type of insurance for start-ups that have employees. It provides coverage if someone gets injured or sick while on the job, and it pays medical costs and a portion of their wages while they’re unable to work. This kind of risk can quickly drain a business’s funds, so it’s crucial to be properly protected.

Need Insurance in Spring Grove, IL?

As a start-up, it’s essential that you use commercial insurance to protect yourself from common risks. Spring Grove Insurance offers affordable rates, specializing in business and personal insurance. Please get in touch with us for more information on the types of coverage we provide.

Why Commercial Insurance Should Be your Number One Priority

Commercial insurance is a must-have for anyone in business, regardless of your industry. Running a business does not come easy, and that’s why safeguarding it be your number one priority. Commercial insurance is that safety net that protects you financially in case of an unthinkable event.

Illinois requires every business to have workers’ compensation, unemployment, and disability insurance to operate. Besides following the law, Spring Grove Insurance has prepared for you why commercial insurance should be a priority.

Offers liability protection

Liability coverage is crucial for businesses because you don’t know when third-party claims could come calling. Commercial insurance safeguards your business against property damage, advertising injury, lawsuits, or even bodily injury. The policy makes sure you don’t dig into your pocket to finance third-party claims. 

Protects your employees

Employees are your asset, and as a business owner, you are responsible for them. If illnesses or work-related injuries happen to your employees, the workers’ comp insurance takes care of them in terms of medical bills and partial loss of income.

Protects your assets

How catastrophic would it be if a disaster strikes and you lose all your assets? Think about the value of the building, furniture, computer equipment, and inventories. Luckily, when you have commercial insurance in place, your insurer pays for the damages or losses of your assets.

Boosts your credibility

Do you want to gain a competitive edge over rivals? You should invest in commercial insurance. Customers and suppliers like transacting with a reputable business. By investing in commercial insurance, you assure stakeholders that their interests are well-protected should anything go amiss.

Commercial insurance in Spring Grove, IL

There is a lot more as to why commercial insurance should be your priority. Are you looking for the right commercial insurance in Spring Grove, IL, and its environs? Contact Spring Grove Insurance for an affordable quote.

Why commercial insurance is right for your home business

Home businesses have become increasingly popular. Not having to buy or rent a business location is a big cost saving. Whether it is a converted garage, basement, or just an office, operating from home is an advantage many opt for. At Spring Grove Insurance in Spring Grove, IL, we are here to talk to home business owners about the risks of operating out of your home and how to mitigate that risk. You may not be as covered by the insurance you already have as you think, 

Home insurance

Your personal home insurance is designed to protect your home from many perils. It is not designed to cover a home business. Home insurance covers content, but you may find out the hard way that inventory, business machinery, and even office furniture are not covered or have limited coverage. Many home policies have caps on the amount they will pay for damage to a home office. Data loss and loss of income are not covered in any way by home insurance. 

Where home insurance is grossly inadequate is in liability coverage. If you have customers or clients visiting your office or business in your home, and they are injured, or if they decide to sue you due to a product or service you provide, you could find yourself without any coverage or enough coverage. 

Car insurances

If you are driving your personal car for business, you may find you are not covered. Many insurance policies don’t cover the business use of a personal vehicle. 

Business interruption insurance

If something happens to your business, you need business interruption insurance to keep some money coming in, so you can meet your normal expenses. This is just one of the many valuable commercial insurance coverages your home business needs. 

Contact Spring Grove Insurance in Spring Grove, IL for all your commercial insurance needs.

3 Ways to Improve the Security of Your Small Business

Beefing up the security of your small business can help discourage theft, vandalism, and data breaches. If you own a business in Spring Grove, IL, you will do well to invest in the safety and security of your company to reduce your risks of financial loss. These tips from Spring Grove Insurance can help improve your business security.

Invest in a Security System

Invest in a security system for your business to keep it safe from theft and vandalism. Your system should include an alarm, sensor monitoring, smart lighting, interactive video, and other features that will improve the security of your enterprise. You can also upgrade to commercial grade locks on windows, entrance and exit doors and internal doors where costly equipment or sensitive data is stored.

Limit Access to Sensitive Areas

Limit access to areas with costly equipment to minimize the risk of theft. This can be done by distributing keys sparingly or establishing a system wherein employees are required to swipe personal key cards to gain entrance to specific departments such as the finance department. In like manner, limit access to sensitive data to employees on a need to know basis to safeguard your sensitive information.

Purchase Commercial Insurance

Purchase commercial insurance for your Spring Grove, IL business to protect it from perils that can lead to financial ruin. Property coverage will protect your business location, equipment, and inventory from theft, vandalism, and disaster damage. General, product, and professional liability coverage protects your business against liability claims and prospective lawsuits due to work-related accidents, faulty products, or negligence in the services you provide. Workman’s comp coverage protects your workers against accidents on the job. Protecting your employees will help you retain your valuable workforce longer.

Learn more about commercial insurance coverage and costs by contacting Spring Grove Insurance.