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4 Myths About Commercial Insurance

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Making assumptions about your commercial insurance can leave significant gaps in your coverage. Don’t let these common myths stop you from getting the right coverage for your business. The team at Innovative Insurance Resources is here to review your policy and provide advice on how to protect your business in Honolulu, HI.

Commercial Insurance Myths

Myth #1: My Business Is Too Small for Commercial Insurance

Think you don’t need insurance for your small business? Think again. Small businesses often face the same perils as major corporations. That may include lawsuits, property damage, theft, and natural disasters. Our team can help you find the right insurance at the right price whether your business is big or small. 

Myth #2: I Have General Liability Insurance. That Covers Everything, Right?

Unfortunately, that’s a mistaken assumption. General liability insurance protects your business from third-party claims of bodily injury, property damage, or personal injury. However, it won’t pay for everything that could go wrong with your business. For example, it doesn’t handle damages related to your personal property, your employees, or any professional errors that may occur. For comprehensive coverage, you need commercial property insurance, professional liability insurance, and other coverage related to your specific needs. 

Myth #3: Personal Auto Insurance Covers Me At Work

Many people think their personal auto insurance will cover their vehicles under all circumstances. If you have an accident while using your car for business purposes, you need commercial auto insurance. Chances are the damages won’t be covered under your personal auto policy. 

Myth #4: Online Businesses Don’t Require Commercial Insurance

Business property insurance covers any physical assets used for your business. That may include equipment, vehicles, inventory, supplies, and tools. Ask your insurance agent how to cover your digital business for items damaged by a covered peril, such as fire, theft, vandalism, or storm. 

Consult With Us

Contact Innovative Insurance Resources today to get a free quote and find out how we can help you protect your business in Honolulu, HI.

Can Home Insurance Cover Water Damage?

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Our team of qualified insurance professionals at Innovative Insurance Resources in Honolulu, HI understands how much it matters to ensure that your home is protected from all kinds of damage, including water damage. Although it can be hard to figure out whether your home insurance policy may cover certain types of harm that happen to your property, we can offer general ideas of what home insurance policies usually do or don’t cover. Since every home insurance policy is different and has terms and limits that apply specifically to that policy, you’ll want to consult with the insurance agent before assuming that something would be covered.

Likewise, you shouldn’t assume that a policy can’t cover something because of an internet article. Home insurance professionals will give guidance for your situation. They’ll also offer tips on how to make the most of your policy.

Can Home Insurance Cover Water Damage?

To determine whether your home insurance policy might be able to assist with affording the costs of repairing water damage, you’ll first have to consider whether the water damage source occurred inside the home or outside the home. If the water damage resulted from sources outside the home like a flood from a hurricane or other disqualifying natural disaster, it’s unlikely that a home insurance policy will help pay to fix the damage. 

On the other hand, if the water damage happened because of an issue with the pipes in your home like one of them bursting or becoming compromised in another way, your home insurance policy might cover the water damage based on the terms.

Reach Out To Us

Call our team at Innovative Insurance Resources to see how we can help you protect your Honolulu, HI home with our home insurance policies today!

Partner Carriers

  • Crum & Forster
  • DTRIC
  • First Insurance Company of Hawaii
  • HDS
  • HEMIC
  • Island Insurance Co.
  • Kaiser
  • Pacific Guardian Life
  • UHA