Owning a Memphis, TN business is an achievement in itself. So, you don’t want to see it collapse if it’s sued for damages. It’s the reason why you need commercial insurance. There are three reasons why.
1. It Shields Sole Proprietors
A sole proprietor company doesn’t have the same protections as a limited liability corporation. The latter protects your assets if a customer or another business sues you. On the other hand, a sole proprietorship considers all monies, whether personal or business, subject to collection in a legal settlement.
Commercial insurance adds liability protection. Thus, legal fees and settlements are covered by the policy.
2. It Can Help You Recover From A Cyberattack
One version of commercial insurance sold by firms like Tackett Insurance Inc. helps you recover from cyberattacks. Whether your data is stolen/destroyed or your systems are under a ransomware attack, a policy covers income and customer loss damages. Furthermore, specific commercial insurance programs hire a public relations firm to minimize the impact of a cyberattack.
3. It Offers Peace Of Mind To Customers And Employees
Even if they don’t know the specifics of your commercial insurance policy, customers and employees feel better about your business when they know one exists. To them, it means the company is more than a money-maker. You take their safety seriously. As a result, employees remain productive while your employees stay loyal.
In the end, you can’t run a business in Memphis, TN without some form of commercial insurance. If you don’t have an active policy, reach out to a representative of Tackett Insurance Inc. for assistance. They’ll direct you to a program that fits your budget and goals.