When you put yourself in the position of running a business, you are in charge of ensuring the safety and security of everyone in the building with you. If there is a disaster, you are the person in charge of figuring that out – and that’s why you need to be aware of the risks that come with running a business. One of your clients can file lawsuits against you. A natural disaster could flatten your business in less than an hour. An employee could get hurt on site and there would be damages to pay. Your business needs insurance, and it needs it now.
You may have dealt with any number of those scenarios before, and you may have dealt with a public insurance adjuster who works on your claim for you. It still doesn’t teach you WHY you need that insurance, which is why we’ve put together some of the benefits of having it in your business. Let’s take a closer look.
- Your staff are covered if there is an injury on site or in the office itself. You don’t want to pay out of pocket expenses for an injury claim, not when your insurance can pay for it and you can ensure that the liability insurance that you have covers for the injury costs and the loss of wages.
- If your building is on fire, flattened by a tornado or destroyed in an earthquake, you can get financial help to get back on your feet. Insurance allows you to continue operations because the pay out you will get covers for your losses where damage is the reason for needing it.
- If you ever accidentally violate any copyright laws, your insurance can cover your back. Liability insurance is there to rescue you in these circumstances and it can ensure that your claim is paid out.
- You will minimize your financial losses if you have the right insurance in place. If there is a breakdown in your warehouse, you may not be able to continue your business – but if you have insurance, you can!
- If you are taken to court and there is a settlement to be paid, your insurance will pay for that. Your policy will be able to get you out of the situation and enable you to continue your business activity.
- Speaking of business continuity, insurance is great for that. Any event that you don’t foresee hitting your business can hit, and it’s these events that will be the shield that helps and allows your business to continue running.
- You will be able to protect your brand and your business image when you are seen to be a business who cares enough to get insurance in the first place. Believe it or not, there are businesses out there that won’t cover themselves, and these are the ones that are classed as being unethical.
Insurance can be the difference between your business continuing to run and you being forced to shut up shop. Which would you prefer?