Running a business is hard work, and it can be easy to overlook important details in the hustle and bustle of everyday operations. One such detail that should never be ignored, however, is getting insurance for your business. Many entrepreneurs and small business owners mistakenly believe that they don’t need insurance because their company is still relatively small. But the fact is, no matter how big or small your business is, you need insurance to protect yourself from unexpected problems and liabilities. In this blog post, we’ll discuss the top five reasons why every small business should have insurance policies in place.
#1 – Protection from Business Risks
One of the most important reasons why your business needs insurance is to protect you and your business from all of the risks associated with operating a business. From liability risks, like a customer getting hurt on your premises or an employee being injured while at work, to property damage and loss, such as if a fire destroys some or all of your equipment or if there’s theft of inventory, business insurance can help you recover financially without having to worry about where the money will come from. For products, operations, completed operations and premises. This coverage is dependent upon your operations, which must be clearly outlined in your policy. A general contractor will not be insured for snow removal unless specifically listed.
#2 – Protection Against Lawsuits
Another key reason why business insurance is so important is to protect you from costly lawsuits. Whether it’s a customer who claims that your product or business caused them harm, an employee who alleges discrimination or sexual harassment in the workplace, or another business partner claiming breach of contract, business insurance can help to cover legal fees and damages associated with these types of lawsuits.
#3 – Protection Against Business Interruptions
Insurance policies are also crucial for protecting against business interruptions. Whether it’s due to an unexpected natural disaster that damages your business premises or inventory, or if there’s a fire in the building you rent and you’re forced to temporarily close while repairs are being made, business insurance can help you weather these types of situations so that your business operations aren’t significantly impacted. This type of protection is called follow form, which is an additional coverage to property coverage, business interruption ensures your sales for twelve months or until your sales return to a pre-loss status.
#4 – Protecting Your Business Assets
Along with protecting your business from various risks and lawsuits, business insurance can also help to protect the business assets that you’ve worked so hard to build. Whether it’s insuring your business property, inventory or equipment, business insurance can help ensure that if any of these are damaged or lost due to an unforeseen event, you’ll be able to recover financially without having to worry about how you’ll cover the costs.
#5 – Peace of Mind
Above all else, perhaps the most important reason why small businesses need insurance is simply for peace of mind. By knowing that your business is protected in case something goes wrong, you can rest easy knowing that regardless of whatever challenges may come your way, your business will be able to withstand them. And in the end, having peace of mind is something that business owners of all sizes can certainly appreciate!
Whether you’re an established business owner or just starting out, it’s essential to make sure that your business is adequately protected with insurance policies. Not only will this help ensure that your business stays afloat during tough times, but it will also give you the peace of mind needed to focus on growing and expanding your business without worry. So why wait? Invest in business insurance today and rest easy knowing that your business is well-protected.
Will Marshall Insurance Brokers are here to help you find the business insurance that’s right for your business. With a wide variety of policies to choose from, we’ll work with you to select the one that’s best suited to your needs, so contact us today to learn more about how we can help!