BLOG NUMBER 23.03
Small businesses face a lot of challenges and financial pressures. For many, every penny counts! That’s why some small businesses may hesitate to spend money on commercial property insurance. But, despite the cost associated with it, our experience as snow experts at Swenson Consulting is that commercial insurance is crucial for your small business!
At Swenson Consulting, we’ve worked with many clients on their snow-removal needs. One of the main reasons they need to consult snow experts like us is because of the potential for accidents.
Accidents happen, but if you’ve been negligent as a small business to maintain a safe environment or don’t have business insurance to protect you, you can get in some deep trouble. Let’s look at what commercial property insurance is and why you need it.
What is Commercial Property Insurance?
Simply put, commercial property insurance protects your business. More specifically, it covers the physical assets you own—things that can be damaged in unexpected events like storms, theft, or equipment break downs. It will cover your tools, furniture, inventory, and other assets that exist on the property.
Commercial property insurance plans will vary based on the needs of the company. According to Forbes Advisor, factors such as location, weather, proximity to the fire station, your industry, and construction of the building all impact how much the insurance will cost and what it will cover.
How Commercial Property Insurance Protects Small Businesses
Commercial property insurance protects small businesses from unexpected circumstances like a storm or accident. If you live in a snowy area, you know how much of an impact a heavy snowfall can make! Commercial property insurance can protect you from damages caused due to heavy snow or other winter conditions.
Insurance can also protect business owners from being sued. Commercial property insurance can be part of a Business Owners Policy (BOP) which combines a few types of insurance. A BOP will guard small businesses against workers’ or customer’s injuries on the property. Again, in the event of a heavy snowfall, you do not want to be held liable for someone slipping and falling on the sidewalk outside of your business.
As snow experts and consultants here at Swenson Consulting, we’ve provided expert advice for many slip and fall incidents related to snow and ice. And when they’ve happened on commercial property, it’s only those with insurance who can financially recoup their legal expenses. And given that the average slip and fall claim is $20,000, it’s a sizeable amount of money to pay out of pocket if you don’t have insurance.
Choosing not to get commercial property insurance or business insurance is a risky idea. If you live somewhere with extreme winter conditions, you just can’t predict what will happen. Hey, we’re snow experts at Swenson Consulting, and we can’t even predict when the snow will come! But what we do know is that commercial property insurance and business insurance will protect your small business from damages, accidents, and lawsuits.
If you want to connect with us further about this topic or our snow consulting services, please reach out to contact us today!
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