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Do I Need Commercial Insurance If My Business Has No Inventory?

Mar 13, 2019

How to & Tips

Do I Need Commercial Insurance If My Business Has No Inventory?

No Inventory? Do You Still Need Business Insurance?

For most businesses, protectingfinances and the livelihood is essential. If you own a service-based businesssuch as a hair salon or air conditioner repair shop, then you may not have muchinventory to worry about. Many businesses owners of service-based companiesassume that there is no reason for them to hold business insurance in Renton, WA because they have no inventory. However, this can be a costly mistake tomake.

The truth is that most, if not all,businesses need a commercial insurance policy. Commercial insurance covers alot more than just a business's inventory on hand. They can be written to coveryour equipment (which you may rely heavily on), vehicles, and tools. They canalso be used to protect your business in the event of a lawsuit, which everybusiness is at risk of. For a service-based company, that means a policy canprotect everything you need to stay in business.

Even if your business doesn't have muchin the way of physical merchandise, it's likely that you have thousands ofdollars invested in tools and equipment. Whether it's computers, appliances, toolsor otherwise, it is important for your business to protect these valuableobjects in your business. In the event of a crime or natural disaster, youcould lose these essential tools. That could result in your business beingforced to close until repairs are made, which means you could be missing out ondays, weeks, or months of business. Commercial insurance is designed to protectyour tools and equipment from damage. If they are damaged or stolen in acovered peril, then this policy will kick in to help you get back on your feetas soon as possible.

Commercial insurance also includescoverage for the structures and real estate that your business owns. Storagebuildings, storefronts, and manufacturing facilities can all be covered under acommercial property insurance policy.

Remember, a great way to keep your business safe is by having the right  business insurance in place.  To find the right policies to fit your needs,  contact  the experts at  Humble & Davenport Insurance.  Our dedicated team serves Renton and the surrounding areas in Washington €” Contact us to get started today.

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