If you're a small business owner, you understand that some clients and customers require different care or services based on their current situation, unique needs, or future goals. For example, if you own a restaurant, you probably won't stay in business for very long if your only menu item is a cheeseburger, cooked the same way with the exact same condiments for all customers. To give your business the best chance for success, you need a variety of menu options to please a variety of customers and their palettes. Likewise, if you're an auto shop owner, you don't repair cars in the exact same way or use only one type of replacement part. You need to know how to repair a wide spectrum of vehicles and have access to a variety of replacement parts for all the different makes and models on the road.
The same is true of Commercial Insurance. Different businesses and industries require varying levels and types of Commercial Insurance in order to protect their business, employees, and assets. In today's Aegis blog post, we look at several reasons why businesses need Commercial Insurance that is tailored to their specific industry.
Protects What Matters Most
Companies often rely on a variety of tools, equipment, and assets in order to run their business, but what one business needs to perform their daily operations may differ greatly than another company's needs. Commercial Insurance should be tailored to specific industry and company needs because each one is different and unique. The equipment, vehicles, and tools used by a Contractor or Auto Repair Shop will differ greatly than the equipment and needs for an Attorney or Restaurant, so their insurance coverage needs will reflect that. The same is true for companies that have key employees or management, as opposed to companies with easily replaceable workers. Business owners should always have peace of mind that their most important people, places, and property are well insured in case disaster strikes.
Cost Effective
If you've ever tried on a One Size Fits All t-shirt or hat, you know that it might fit some people perfectly, but for many others, it's way too big or too small. You may end up wasting money on something that's just not a good fit. The same is true for Commercial Insurance companies that try to offer a standard business package for all types of companies. A one-size-fits-all mentality with Commercial Insurance coverage doesn't work because some companies may end up with too much protection for some areas while being underinsured in other areas. For example, an attorney is more likely to need substantial Errors & Omission coverage as opposed to a retail shop. Likewise, a restaurant will likely need Workers Compensation coverage and Excess Liability coverage, but might not need Commercial Auto coverage if they don't deliver or offer catering services. When companies don't have a Commercial Insurance package tailored to their specific industry or company needs, they could end up paying for coverage that's unnecessary or isn't enough to cover their needs.
Coverage Against Specific Business Risks and Threats
One of the other benefits of a Commercial Insurance package tailored to your specific business needs is that it can offer much better protection against the specific threats, risks, and liabilities of your industry. For example, utility outages significantly impact restaurants and retail shops because of the substantial losses they cause, but aren't as big of a threat for general contractors or attorneys. Likewise, some industries are more vulnerable to theft because of high value inventory, electronics, cash, or equipment, whereas others might not be targeted as often. It's essential to make sure your business is well protected from the risks and threats that are most likely to impact your company, in addition to others that could hurt your business.
If you're a business owner, you need to take steps to ensure that your company is protecting what matters most against specific risks and threats, all at cost-effective rates. Aegis Insurance & Financial Services can help with our Commercial Insurance solutions customized to specific industries and company needs. Our friendly and experienced team of agents can work with you to develop an insurance strategy that meets your unique company needs and protects assets, employees, and long-term future of your business. Call Aegis today at 713-850-7622 for more information, or fill out our online form to request a free quote!