Dangers of Compromising Commercial Insurance

Running a business in Richmond, VA comes with its own risks. While you are burning the midnight oil to ensure that your business dream becomes a reality, risks like theft, fire, and other perils can quickly turn your dream into a nightmare. Even though mishaps can’t be avoided entirely, they can be mitigated with proper planning and the right insurance coverage. 

With this in mind, business owners in Virginia run the below risks when they fail to carry business insurance from Cary-Wheeler & Associates Inc.

Get into trouble with the law.

Virginia businesses are required to carry the below insurance policies by the law.

  • Commercial auto insurance: To cover for liabilities and medical expenses arising from vehicular accidents. 
  • Workers’ compensation insurance: Pays for medical expenses for injuries sustained in the workplace.

Failure to obtain the above insurance, you are likely to face penalties and fines from the authorities.

Exposure to liabilities

When running a business, there are several liabilities you can face that can lead you into a financial mess. Some include:

  • Injuries occurring in your premises
  • Lawsuits from alleged negligence
  • Third-party property damage
  • Libel or slander lawsuits

Depending on the severity, damages from these liabilities can translate into thousands of dollars. In reality, not many small businesses can survive such a financial blow. But you can avoid going this dangerous road by obtaining business insurance.

Property loss

Your business assets, such as the building, vehicles, equipment, and inventory, face many risks that could lead to substantial loss or damage. For instance, theft, vandalism, and fire can cause unspeakable damages to your property, crippling your business. But with commercial insurance, your insurance can repair or replace properties up to your policy limit, lessening your financial burden.

Whether renewing or shopping for new commercial insurance, you can count on Cary-Wheeler & Associates Inc., located in Richmond, VA, for all your business insurance needs. Contact us today, and we shall handle the rest.