Debunking Four Common Myths About Business Insurance

Your business is your pride and joy and ensuring it runs smoothly is imperative to its success. There are multiple myths floating around regarding business insurance that clouds the judgement of business owners and can make it difficult to make insurance coverage choices. Business owners already have a myriad of tasks, challenges and expectations on their plate, debunking business insurance myths shouldn’t be one of them.

That’s why Leibel Insurance has laid out of the four most common myths about business insurance and debunked them.

Myth #1: Basic Business Insurance Covers Cyber Breaches/Hacks

Fact: Unfortunately, this is not the case. Business insurance policies do not automatically cover your expenses in the event of a data or cybersecurity breach. Leibel Insurance Group has cyber liability insurance products to protect your business in the event of a cyber breach and provides you with expert advice on cyber protection, complete recovery assistance of data and mitigates the lawsuit expenses and reputation damage.

Myth #2: You Can Easily Close Your Business If You’re Named In a Lawsuit

Fact: In the instance that a business is failing and facing a lawsuit, closing down the business may not protect you from said lawsuit. Even if the business is not active, the lawsuit and judicial system can still follow and find the business owner liable and financially accountable. Having commercial general liability (CGL) an help protect you from future lawsuits. Our general commercial liability policies will protect your business from unexpected liability claims and third party property damage or bodily injury claims. Protecting yourself from these claims and risks as a business owner is imperative to ensure the safety of your business.

Myth #3: Home Insurance Covers At-Home Businesses

Fact: For business owners that operate their company out of their home or work from home specifically, your insurance may not effectively cover your business-related risks or claims. It’s important to research whether your homeowner’s insurance policy protects your business as well. Your policy should protect inventory, business equipment, computers and other digital devices which may require an additional business insurance policy. For at-home business owners, there are several commercial insurance policies to choose from to ensure everything from your business is covered.

Myth #4: Personal Auto Insurance Will Cover Claim Costs For Businesses

Fact: Having a personal auto insurance coverage policy does not automatically mean your business activities are covered. If you use your own personal vehicle for business and an accident occurs while you’re driving, there is the possibility that your claim could be denied. Relieve yourself of this worry and consult with our top rated insurance brokers about potential risks you may face and what policies will work for you.

Leibel Insurance Group’s award-winning brokers make switching your insurance easy! Whether you’re looking for auto insurance, commercial insurance or personal insurance, we carry multiple coverage policies to suit and protect you. As Canada’s top-rated insurance brokerage, we’re committed to getting you the highest quality insurance plan possible. Contact us for a no obligation insurance quote at https://ligroup.ca/contact-us/!