Running a successful business requires careful planning and consideration, entrepreneurs are risk takers by nature explains Justina Loke, Commercial Insurance Advisor at Expat Insurance. But why take all the risk?
One of the things you should never have to experience is not having enough small business insurance to protect your company from unforeseen financial losses. A single lawsuit, accident, injury or any other disaster can bankrupt your entire business if you don’t have adequate business insurance protection.
Read on to understand five reasons why you should buy insurance when you set up your business venture.
You can’t predict the future
No Matter what business you’re involved in, there’s no way to predict what can happen while working with your new customers or clients. Nobody expects to get into a car accident when driving, but we all wear our seatbelts anyway.
Similarly, you shouldn’t expect to get sued over every client you encounter, but it can happen. Knowing that Public Liability Insurance protects you against lawsuits for only a couple hundred dollars a year, the benefits become clear. Investing in protection for your business is vitally important.
When insured you can focus on what matters
Business Insurance policies give you peace of mind, meaning you can spend less time worrying about the unforeseen and more time concentrating on what really matters: growing your business and becoming a successful entrepreneur. Your number one priority should be running your company, not worrying about whether an accident, loss of product or a lawsuit will put you out of business.
Having Insurance allows you to take more chances
With less to worry about on a regular basis in your company’s day-to-day operations, you can take more chances with your business that will pay off and allow growth. Keep in mind this doesn’t mean you can knowingly take unnecessary risk if you are insured (common sense and safety precautions are always best) but it does mean you can have peace of mind and pursue business opportunities you might not have otherwise dreamed of.
To protect your employees
If you have employees, you are legally obligated to carry worker’s compensation insurance to help pay medical bills if your employees are hurt at work. It is also wise to invest in a policy that will protect your finances if they decide to sue you over their injury.
It’s important to determine how much risk your business faces, the risk of worker injury for an accounting team is very different from that of a construction company. To find a policy that makes sense for your business and the work your employees do, come talk to Expat Insurance. Our team has experience finding Workers Compensation Insurance for business owners in various fields.
Create a sense of trustworthiness
Having Business Insurance shows your potential clients that you’re trustworthy. Having insurance means that if anything goes wrong with the work you do for clients, you’ll have the means to compensate them.
If you accidentally damage their property, lose your product during shipping or if they have an accident in your business, your insurance policy will pay for a settlement. In addition to providing a safety net for you, your insurance policies provide a safety net for anyone who wants to work with you as well.
When looking at all these reasons it becomes clear that having insurance for your small business is important. While your policy may not prevent your business from being sued or a freak fire happening in the first place, it will protect you from being financially crippled. When you’re a small company that’s trying to grow, you can’t afford to take risks, business insurance is worth its weight in gold.
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