There are few experiences that can be more exciting or stressful than starting your own business. While there can be immense financial rewards for successfully running your enterprise, there can also be serious liabilities for mistakes and accidents. To this end, you should make sure to invest in commercial insurance to make sure that you are protected from these risks. Unfortunately, there are some people that may not be informed about this type of insurance coverage, which can cause them to need the following couple of questions answered.
Do Self-Employed People Need Commercial Insurance?
A common assumption among some people is that only large businesses need this type of protection. As a result, it is common for self-employed individuals to avoid purchasing this type of insurance. Yet, you should be aware that these policies can offer self-employed individuals some valuable protections.
For example, if you were to suffer a serious injury and were unable to work for an extended period of time, it is possible to purchase insurance that can continue to pay you most of what you would normally earn working. While income insurance may be somewhat expensive, it can prove invaluable if you ever encounter this problem. Also, individuals that work from home should invest in these policies because most homeowner’s insurance will not cover damages done to a home based office.
What If You Can Not Afford Business Insurance?
Sadly, there are many people that assume business insurance is far too expensive for their budgets. While it is true that you will be required to make regular premium payments to retain this coverage, you should be aware that these premiums can usually be deducted from your end of the year tax bill. As a result, you should make in a point to retain copies of all your premium payments so that you can easily provide them to your accountant for the purpose of claiming these deductions.
Insuring your company against some of the more common problems that can arise is important for anyone that is just starting an enterprise. Unfortunately, it can be easy to be uninformed about this type of insurance if you have never purchased it before. This can cause you to make the mistake of rationalizing not having this protection for a number of reasons. By being informed about the important benefits of commercial insurance for self-employed individuals and the fact that these policies are tax deductible, you will find yourself better positioned for making sure you appreciate the importance of this protection. To learn more, contact a commercial insurance agency like Western Reserve Group.