Benefits of Purchasing Business Insurance

No matter what your business is, as a business owner, you can be assured of at least two things:

  • There are risks
  • You need business insurance

Whether you’re making a little extra cash through freelancing, hiring new employees with which to expand your business, or bootstrapping your small business, commercial insurance offers numerous benefits.

Business owners today come in all sizes – the businesses themselves, that is. Even people with a full-time job somewhere else, by starting a little side hustle can technically be considered a business owner. There’s a lot more freedom to work for yourself, but business owners are also exposed to unique risks.

To protect yourself from those risks, business insurance is a must.

The Essentials of Business Insurance

If something goes wrong, financial catastrophe can be averted with the right insurance. In fact, it can even empower your growth when things are going right. You will benefit greatly from the right policies including those described below.

While You’re Driving

If you have one or more business vehicles, whether you’re behind the wheel or an employee, commercial auto insurance can cover liability and damage. You may also consider non-owned and hired auto insurance if applicable.

Tax Deductions

Just another cost of business, according to the IRS, are commercial insurance policies by which your company benefits. What does that mean for you? It means that at tax time, the cost of your commercial insurance policies can be deducted. They do, of course, have to serve a legitimate purpose where your business is concerned.

Data Breach Damage Coverage

Cyber-attacks and data breaches happen every day. You hear about it on the news all the time. If your business is hit, to soften the blow, cyber liability insurance can go a long way. It could help cover customer notification costs, hacker’s ransom payments, and other efforts of recovery.

Income Security

If your business is forced to close because of fire or some other misfortune, your lost income can be replaced through business interruption insurance.

Business Property Damage Recovery

To replace and repair your business property and equipment, commercial property insurance works much in the same way that homeowner’s insurance does for replacements and repairs to your home. Coverage is typically provided for theft, vandalism, fire, and windstorms.

Costly Legal Bills Are Better Handled

Sadly, lawsuits and small businesses seem to go together all too often. You can get sued if one of your products hurts someone or if, on your property, someone slips and falls. Add product liability coverage to your general liability insurance for lawsuit protection.

State Law Compliance

Workers’ compensation insurance is required in numerous states if the business has employees. Even if it’s not required, it’s a good idea in case employees receive job-related injuries or develop job-related illnesses.

Increase Clients

Contracts are not out of the question, particularly where the signing of big clients are concerned. In some industries, professional liability insurance or E&O (errors and omissions) insurance is included in contracts. Whether or not your next client signs could depend on whether you are maintaining active insurance.

Commercial Lease Signing

If you’re planning on leasing the building for your business, you will likely need property insurance and general liability insurance. Most landlords today insist on it.

If You Own a Business – And You Have To Make An Insurance Claim – Count on Stone Claims Group

By using the best tools available, Stone Claims stays ahead of the game. By implementing ever-expanding investigative tools, we constantly push claims investigation to new limits.

Maximize your claim recovery with Stone Claims Group. Feel free to check out our FAQ page for answers to some of the most common questions.

To find out whether or not Stone Claims Group can be of assistance to you, click free claim review or give us a call at 1-800-892-1116. You can also email us at


    Notes (optional): "Please feel free to address anything else (your title, number of buildings, number of stories, number of units, etc.)"