subject: Choosing To Be Without Commercial Property Insurance Could Shave Years Off Your Life [print this page] Just for a minute try to imagine what life would be like if you simply decided to turn a blind eye against all types of insurance. One could almost compare it to riding a motorcycle without a crash helmet.
While you may go your entire life without having an accident, you could also have one tomorrow, at which point you could lose your life. Is it not better then to put on a crash helmet rather than take unnecessary risks?
The same can be said with regards to insurance policies, in that while the vast majority of people never find themselves having to submit a claim, there are also millions of people who would have had their lives destroyed if it weren't for the fact that they had decent insurance. Business owners in particular should view commercial insurance as an everyday aspect of life, in that one can safely say it's the only safety net they have should things go wrong.
Nobody likes to believe that they'll lose everything because of severe flooding or because of some other type of unforeseen disaster. Everyone seems to think that it will never happen to them. However, if you speak to those who have been on the receiving end of a calamity, you will soon discover that they felt the same way before disaster struck.
Flooding is another reason why business owners should always make sure they are fully covered with regards to their commercial insurance. Admittedly, floods don't tend to be quite as destructive as what fires are, but they can still cause a significant amount of damage.
It's not only physical damage you should concern yourself with; after all, if your commercial property got damaged to such an extent that you were unable to continue running your business on a day to day basis, you would inevitably end up losing much of your profits. These are all things which one needs to take into consideration when shopping for insurance.
Liability cover is of course also worth mentioning considering that it's of such extreme importance. In fact, you'd be surprised just how expensive a dislocated hip can be. If a third party enters your commercial property and they end up getting injured in any way, you will almost certainly be held accountable. You can be rest assured the injured party will submit a claim. By the time their lawyer has finished with you, you could be facing a bill amounting to hundreds of thousands of pounds. Fortunately however, if you have solid insurance in place, the insurance company will cover the cost of the legal proceedings, and of course they will also settle any claims which the court have ordered you to pay.
Commercial insurance certainly does cost more than regular private insurance, but even so, there are a number of things you can do in order to keep the costs down as much as possible. There are many articles available on the Internet which discusses such issues, but you also need to bear in mind that insuring your business can be a complicated affair. The bottom line is; you really need to find a broker or an insurance company you can trust, and one which you can rely on in times of need.
by: Tom Jones
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