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If you’re running your own business, you know that there are some risks involved. These risks include having an employee injured while they’re at the workplace, experiencing a natural disaster (which has recently happened to many businesses in Texas and Florida due to hurricanes Harvey and Irma), or getting sued by a disgruntled client. For all of these reasons, it’s vital that your business is amply protected, and protection can certainly come in the form of proper insurance. Here are the top five benefits of affordable small business insurance for your growing enterprise.
1. Following the Law
First of all, you are legally required to have insurance, particularly if you have several employees. You are required to have workers’ compensation insurance, etc. depending on which state your business is running and operating in. If you fail to carry the required insurance coverage, you may be liable for fines and penalties, both civil and criminal, along with being excluded from opportunities provided by public contracts.
2. If You are Brought to Court
If you are brought to court – for whatever reason – your business may greatly suffer. Liability claims and lawsuits can break your business if you’re not covered by the right insurance. Even just one canceled contract or one accident can severely affect your business. Instead of worrying about such claims and lawsuits, you can protect yourself with insurance and have additional peace of mind.
3. Maintain Your Business Operations
As we have all seen, the recent hurricanes have devastated vast sections of Texas and Florida, affecting businesses and properties. If you’re worried about natural disasters such as floods, earthquakes, hurricanes, and the like, then insurance can give you the coverage you require in case of natural disasters and can help cover the loss of property and assets. Furthermore, you can take advantage of business owners insurance, which can protect your business against the loss of earnings or income. This means that even if your business cannot operate, you can still receive the prospective income your business would have made.
4. You Give the Right Impression
The fact is, even if you are a small business, if you are properly insured, your clients will have a good impression of you. Your business will be more credible and reliable, particularly if you provide a service, such as a contractor. With insurance, you can establish trust.
5. Give Protection for Your Staff
Your staff plays a big role in the success of your business, so it makes sense to make sure they are amply protected, not just in regard to legal insurance requirements, but also other types of insurance such as disability insurance. By doing this, you’re not only protecting your employees – you’re actually protecting yourself from lawsuits or claims for liability as well.
Kiara Woodsland says
What I liked the most in your article is when you talked about how you must consider buying an insurance policy for your business if you’re worried about how natural disasters can cause loss of property and assets. My sister is dreaming of owning a business in the future. She once mentioned to me how she wanted to make sure that her business won’t need to face losses due to extreme weather conditions and natural disaster. The business that she’s dreaming of having will require a big investment, so it will make sense for her to protect it. Thanks for the tips!