Do I need commercial insurance in Indiana?

Anyone that owns a business in the Mishawaka, IN area likely knows that many essential responsibilities come with business ownership. One important responsibility that you will have is the need to carry commercial insurance. There are several reasons why a business owner in this area will need to have this coverage. 

Required by Lender

One reason why you need to have commercial insurance for your Indiana business is that your lender can require it. Starting a business requires a lot of capital, and to obtain it, many owners decide to take out a small business loan. If you do decide to take out a loan to finance your business, you need to comply with your insurance requirements. Most business lenders will require you have a full commercial insurance policy as it can provide a variety of essential protections.

Required by Law

Another reason why you may need to have commercial insurance is that it can be required by law. Similar to other states, business owners of a certain size in terms of employee count are required to carry workers’ compensation insurance. This insurance will provide valuable protection to your employees and your business. To ensure you stay in compliance, you need to make sure it is included in your commercial insurance plan.

Ultimately, there are many reasons a business in the Mishawaka, IN area should have commercial insurance. When you are looking for your next policy, you should call the team at the Kevin Dennis Insurance Agency. If you do call the Kevin Dennis Insurance Agency, you are going to receive the support that you need to choose a new policy. This will help to ensure that your business is covered, and you comply with all requirements.