Running a business is well, risky business. You never really know when an employee may accidentally drop a stapler on their foot, or the office building may catch fire, or worse, a client sues you for breach of contract.
Most small business think of business insurance as an expense, but that couldn’t be farther from the truth. Here is why it is essential for you to have business insurance.
1. You Can’t Escape the Law
With changing times, employees are protected from all sides, whether it is through labor unions or personal lawyers. As an organization, it is your duty to provide insurance to your workers, whether it be for disability, or calamity compensation. You don’t want to rack up a court bill that is higher than your insurance policy.
2. Your Organization Is Only as Good as It’s Employees
It takes one unhappy employee to bring you to your knees. A single misspoken word, one unfair decision, and the lawsuits could make your business go bankrupt. With liability insurance, you’ll get a better night’s rest, knowing that you won’t wake up to your employees holding up picket signs outside the office.
3. Business Is Risky
We’ve all heard people say “prevention is better than the cure”. Well, it’s true, and you don’t want a crisis, natural or economic, to put you out of business. Insurance is your safety net that lets you plan ahead without having to worry about your business’s basic survival.
4. Your Personal Life May Be On the Line
If your company is a sole ownership, your personal assets are not immune from being taken away if you enter a crisis. The business world is a jungle which can tear you apart if you’re not on high alert. Not protecting your personal assets can leave you at the bottom of the food chain.
5. The Key Word Is Trust
Whether you’re dealing with customers, or other business clientele, having business insurance builds credibility which is vital for establishing your reputation in the market.
Business insurance is an investment that only gives back to your business in the long run.
