Do I Need Commercial Insurance If My Business Has No Inventory?

No Inventory? Do You Still Need Business Insurance?

For most businesses, protecting finances and the livelihood is essential. If you own a service-based business such as a hair salon or air conditioner repair shop, then you may not have much inventory to worry about. Many businesses owners of service-based companies assume that there is no reason for them to hold business insurance in Renton, WA because they have no inventory. However, this can be a costly mistake to make.

The truth is that most, if not all, businesses need a commercial insurance policy. Commercial insurance covers a lot more than just a business’s inventory on hand. They can be written to cover your equipment (which you may rely heavily on), vehicles, and tools. They can also be used to protect your business in the event of a lawsuit, which every business is at risk of. For a service-based company, that means a policy can protect everything you need to stay in business.

Even if your business doesn’t have much in the way of physical merchandise, it’s likely that you have thousands of dollars invested in tools and equipment. Whether it’s computers, appliances, tools or otherwise, it is important for your business to protect these valuable objects in your business. In the event of a crime or natural disaster, you could lose these essential tools. That could result in your business being forced to close until repairs are made, which means you could be missing out on days, weeks, or months of business. Commercial insurance is designed to protect your tools and equipment from damage. If they are damaged or stolen in a covered peril, then this policy will kick in to help you get back on your feet as soon as possible.

Commercial insurance also includes coverage for the structures and real estate that your business owns. Storage buildings, storefronts, and manufacturing facilities can all be covered under a commercial property insurance policy.

Remember, a great way to keep your business safe is by having the right business insurance in place. To find the right policies to fit your needs, contact the experts at Humble & Davenport Insurance. Our dedicated team serves Renton and the surrounding areas in Washington — Contact us to get started today.

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