Do Businesses with No Inventory Need Commercial Coverage?

Find out which coverages fit your business’s needs.Do Businesses with No Inventory Need Commercial Coverage?

If you run a service-based business that does not deal with products or inventory, you may think that you do not need commercial insurance coverage.  However, this simply isn’t the case.  Your business still needs insurance to protect your employees, assets, and liability.  Here are some of the commercial coverages that your service-based business needs.

  • Professional Liability

All businesses that offer their clients services need the protection offered by professional liability insurance.  Also known as Errors and Omissions (E&O) insurance, this type of policy is designed to protect a business if they make mistakes when rendering their professional services.  For instance, if you make a mistake that causes injury or property damage to a client or a third-party, then your professional liability insurance will offer coverage to address their losses and take care of your legal defense in the event of a lawsuit.

  • Commercial Auto

Many service-based businesses have their employees travel to serve clients.  This is especially common for contractors, repairmen, IT professionals, and so on.  Whether your employees travel in company vehicles or use their own cars to get to their clients, you need to protect them with the right commercial auto insurance.  This type of insurance will ensure that the medical, repair, and legal costs associated with a car accident do not come out of your employees’ pockets or your business’s accounts.

  • Commercial Property

Even though your business does not have inventory or manufacturing equipment to take care of, you should still secure commercial property coverages.  This coverage is especially necessary if your business works out of a physical building or storefront.  Commercial property insurance will protect your business’s physical structure against fires, natural disasters, theft, and vandalism.

These are some of the commercial coverages that you need even if your business does not have any inventory.  Are you interested in securing the right business insurance to meet your company’s unique needs?  If so, then contact the experts at VGW Walker Insurance in Texas.  We are ready to assist you with your commercial coverage today.