Some young entrepreneurs, especially those who are thinking of opening a retail store or other commercial business, may ask themselves: is commercial Insurance mandatory? Not insuring a retail store is not mandatory, but would be a fool’s errand. Having said that, it cannot be denied that there are countless risks, and unexpected events, to which you and your business and premises are exposed every day. Commercial insurance has been designed to simultaneously protect both the property where you do business and your goods, without forgetting your employees and customers. Speak to someone at Allegiance Insurance Group LLC in Ohio to understand all the specifics.
Although commercial insurance may not be legally required, acquiring it is not only advisable but becomes essential, for at least two reasons. It allows you to have peace of mind and to protect your business from unpredictable compensatory claims; possibly by your customers, your employees or the owners of other buildings. If your retail store sells high-value goods, it is also crucial to insure yourself against catastrophic events, theft, vandalism, and fire.
If you insure your retail store with a "basic" commercial policy, you get multi-risk coverage for your commercial premises, the actual extent of which, however, may vary from company to company. By multi-risk, it means an insurance product that can also protect you on several fronts:
Business insurance is usually stipulated with tacit renewal. What does it mean? Tacit renewal means that the insurance policy protecting your business premises is automatically renewed once its expiry date is reached unless you submit a cancellation form. If you want, you can expressly ask your insurance consultant to eliminate the tacit renewal option from your policy, so as to simplify the possible cancellation procedure of the commercial insurance. Most companies do what it takes to retain their clients and keep them from moving to any other company.
If you reside in the state of Ohio and own a commercial business, it is in your best interest to secure your business with the appropriate coverage. Allegiance Insurance Group LLC has all the details and the right policy to get you on board. Go ahead and contact us.