What Are The Risks If I Don’t Have Commercial Insurance?

If you an owner of a business, finding ways to cut down on costs is always very important. One way that some people try to cut down on the amount of money they spend each month is by cutting out their commercial insurance costs. While this might be able to save you a little bit of money, there are many different risks that are covered by commercial insurance. If you do not have commercial insurance in place, you are running a variety of different risks that you should be aware of.

Liability Risk

One of the biggest risks that you are taking on when you do not get commercial insurance is an increased liability risk. When you have a full commercial insurance policy in place, your liability insurance will be a major part of the policy. If you do not have this type of coverage in place, it could place a significant amount of risk on your company. If you are sued for liability, the loss and legal defense costs could cause a serious setback. 

State Violations

Another risk that you are taking on if you do not have commercial insurance is the risk of state violations. When you own a business in Arkansas, you may be required to carry workers compensation insurance. If you do not have this type of coverage in place, you could end up being penalized by the state. These penalties can include significant financial penalties and even the closing of your business. 

If you are a NE Arkansas business owner, having good commercial insurance in place is very important. Because of this, you should speak with the team at GTW Insurance today. When you speak with the team at GTW Insurance, you will be able to learn more about the benefits of having a good commercial insurance policy.